The development of a new leases’ standard was originally a joint project between the ISAB and FASB, and through they will not issue converged standards, both will bring leases on balance sheet for leases for lessees. This will result in significant changes for lessees’ financial statements, including:

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  • All leases being recorded on balance sheet (except, as an option, for low value and short-term leases)
  • Increased disclosure about the entity’s leasing activities including tables for the types of assets leased

For lessors, the recognition and measurement principles of IAS 17 have been brought forward mostly
unchanged.

Click to learn more about IFRS 16 Leases

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