IFRS 16 Lease accounting - Are you ready?Nomos One IFRS 16 resources
IFRS 16 Lease accounting – Are you ready?
IFRS 16 takes effect for accounting periods on or after 1 January 2019. The chief driver behind the change is to minimise off balance sheet accounting and bring operating leases on to lessee’s balance sheets. For lessees, IFRS 16 removes the differentiation between ‘operating’ and ‘finance’ lease by having only one type of general lease. This means there will be a gross up of the balance sheet which is highly likely to affect your company’s financial ratios. This might impact loan covenants, borrowing costs and/or credit ratings.
Your IFRS 16 guide
The adoption of IFRS 16 is not simple. A lot of planning and foresight is required to implement a cost-effective solution. The team at Nomos One has developed the IFRS 16 Lease accounting – Are you ready? guide to help ensure you understand the changes and the implications for your IFRS 16 implementation. It covers:
- Overview of the changes
- How the lease liability will be recognised
- Who IFRS 16 affects
- When you need to change your accounting
- Lessee preparation
- Lease management and lease accounting software checklist
- IFRS 16 compliance with confidence – Nomos One’s lease management and lease accounting offering