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To meet that objective, a lessee should recognise assets and liabilities arising from a lease. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.
A lessee is required to recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. In December the Board issued a revised IAS 17 as part of its initial agenda of technical projects. The Interpretation was developed by the Interpretations Committee to provide guidance on determining whether transactions that do not take the legal form of a lease but convey the right to use an asset in return for a payment or series of payments are, or contain, leases that should be accounted for in accordance with IAS IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases.
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Existing Standards. Supporting application materials. News and podcasts. Meetings and events. The interest rate that yields a present value of a the lease payments and b the unguaranteed residual value equal to the sum of i the fair value of the underlying asset and ii any initial direct costs of the lessor.
The rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Upon lease commencement a lessee recognises a right-of-use asset and a lease liability. The right-of-use asset is initially measured at the amount of the lease liability plus any initial direct costs incurred by the lessee.
Adjustments may also be required for lease incentives, payments at or prior to commencement and restoration obligations or similar. After lease commencement, a lessee shall measure the right-of-use asset using a cost model, unless: [IFRS , 34, 35].
Under the cost model a right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment. The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease if that can be readily determined.
If that rate cannot be readily determined, the lessee shall use their incremental borrowing rate. Variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability and are initially measured using the index or rate as at the commencement date. Amounts expected to be payable by the lessee under residual value guarantees are also included.
Variable lease payments that are not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers payment occurs, unless the costs are included in the carrying amount of another asset under another Standard.
Lease modifications may also prompt remeasurement of the lease liability unless they are to be treated as separate leases. A lessee that that applies the exemption accounts for COVIDrelated rent concessions as if they were not lease modifications. A lessee accounts for modifications required by the IBOR reform modifications required as a direct consequence of the IBOR reform and made on an economically equivalent basis by updating the effective interest rate.
All other modifications are accounted for using the applicable requirements. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset.
Otherwise a lease is classified as an operating lease. Examples of situations that individually or in combination would normally lead to a lease being classified as a finance lease are: [IFRS ].
Upon lease commencement, a lessor shall recognise assets held under a finance lease as a receivable at an amount equal to the net investment in the lease.
A lessor recognises finance income over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment. At the commencement date, a manufacturer or dealer lessor recognises selling profit or loss in accordance with its policy for outright sales to which IFRS 15 applies.
A lessor recognises operating lease payments as income on a straight-line basis or, if more representative of the pattern in which benefit from use of the underlying asset is diminished, another systematic basis.
To determine whether the transfer of an asset is accounted for as a sale an entity applies the requirements of IFRS 15 for determining when a performance obligation is satisfied. Accordingly, the seller only recognises the amount of gain or loss that relates to the rights transferred to the buyer.
A seller-lessee subsequently measures lease liabilities arising from a leaseback in a way that it does not recognise any amount of the gain or loss that relates to the right of use it retains.
Paragraphs 52 to 60 of IFRS 16 set out detailed requirements for lessees to meet this objective and paragraphs 90 to 97 set out the detailed requirements for lessors. As a practical expedient, an entity is not required to reassess whether a contract is, or contains, a lease at the date of initial application.
A lessee shall either apply IFRS 16 with full retrospective effect or alternatively not restate comparative information but recognise the cumulative effect of initially applying IFRS 16 as an adjustment to opening equity at the date of initial application.