IFRS 16 came into effect in January 2019, replacing the old IAS 17 lease accounting standard. This has been the biggest lease accounting change in decades, completely altering the way lease contracts are reported, which is significant for any company using rentals or leasing to obtain access to asset(s).
This FAQ provides the answers to five frequently asked questions about lease accounting:
- What exactly does lease accounting involve?
- What has changed since 1 January 2019?
- What impact do the new standards have on operational management?
- What opportunities do IFRS 16 and ASC 842 offer?
- How can Planon help to make your real estate and asset lease accounting compliant?
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