IFRS 16 transition checklistNomos One IFRS 16 resources
Simplyfying IFRS 16 implementation
If you’re a lessee, IFRS 16 will impact you. The standard is extremely complex and to implement it effectively you’ll have to make a number of assumptions and use considerable judgment along the way. Your choice of transition method will also impact the level of effort required. Calculations are not only complex at commencement but also throughout the entire life of the lease.
A technological solution will go a long way toward taking some of the pain out of the transition and the ongoing reporting requirements, but there is still a significant amount of preparation to be done before you can start onboarding your data. Your
IFRS 16 implementation project will take considerable effort and many months’ commitment.
Your transition checklist
Nomos One has designed an IFRS 16 transition checklist to help make your transition to IFRS 16 as easy as possible. It covers:
- Approach to transition (full retrospective, modified retrospective, simplified)
- Practical expedients
- Use of hindsight
- Initial recognition of leases
- Subsequent measurements
- Wider implementation tasks.