TIME TO TAKE STOCK

摘要

As you will no doubt have read, January saw the arrival of the much trailed and much debated new IFRS 16 dealing with lease accounting. This standard brings fundamental change to the accounting for leases by lessors, with the future lease liability by and large coming onto their balance sheets. It is the latest in a series of significant new standards issued by the International Accounting Standards Board (IASB) over recent years, with which preparers have had to wrestle, many having major impacts on preparers' financial statements. Indeed, over the 10 years since International Financial Reporting Standards (IFRS) were adopted in the EU and increasingly more globally, the IASB has gone through a fundamental review of many of its key standards.