ifrs 16 basis for conclusions

From the above IFRS 16 Basis for Conclusions, it is clear that, in the private sector, this issue exists and was considered by the IASB in developing the guidance in IFRS 16. BC260-BC267J), Gain or loss on a sale and leaseback (paras. The Standard and the Basis for Conclusions do not elaborate on this definition. BC1) Background (paragraphs 1–3) (paras. In terms of the determination of the discount rate, IFRS 16 Basis for Conclusions 160 notes that: “The IASB’s objective in specifying the discount rate to apply to a … Terms defined in Appendix A Basis For Conclusions On IFRS 16 Materiality :Many lessees expressed concerns about the costs of applying the requirements in IFRS 16 to leases that are large in number but low in value, particularly when the aggregate value of those leases would have little effect on the financial statements as a whole. BC2-BC8) Sitzung IFRS-FA vom Therefore, the Covid-19-Related Rent Concessions (Amendment to IFRS 16) (May 2020) amended this standard with effect for annual periods beginning on or after 1 June 2020. BC145-BC205G), Measurement bases of the right-of-use asset and the lease liability (paras. 'Set the date' will change the date at which you are viewing the document. Ar ticle 2 The basis for conclusions to the amendments notes that a … Approval by the Board of IFRS 16 Leases issued in January 2016 Approval by the Board of Covid-19-Related Rent Concessions issued in May 2020 IFRS 16: Basis for Conclusions Introduction (paras. systematic basis if that basis is more representative of the pattern of the lessee’s benefit. This Basis for Conclusions has not been revised to reflect the restructuring of IFRS 1 in November 2008, but cross-references have been updated. It includes reasons for accepting particular views and rejecting others. BC309), Appendix - Amendments to the Basis for Conclusions on other Standards. BC228), Other approaches considered for lessee disclosure (paras. Previous Section Next Section . 104-106), Approval by the Board of IFRS 16 Leases issued in January 2016, Approval by the Board of Covid-19-Related Rent Concessions issued in May 2020, Why the need to change previous accounting? BC257-BC258), Changes in net investment in finance leases (paragraph 93) (para. BCZ248), Exception to the requirement to separate the land and buildings elements (paras. Additional information. The staff believes there are three options the Board could consider in aligning the Appendix B Amendments to IFRS 1 and to other Interpretations IFRIC 12: Information Notes IFRIC 12: Illustrative Examples IFRIC 12: Basis for Conclusions Introduction (para. Prospective amendments. basis over the lease term or another systematic basis. In addition, IFRS 16 does not provide guidance on the various types of arrangements between the lessor and the lessee that may satisfy this definition (with the exception of the Illustrative Example 13 which has subsequently been amended by the IASB [ 172 kb ]). BC57-BC66), Scope (paragraphs 3-4) (paras. So your request will be limited to the first 1000 documents. Proponents of this view note that IFRS 16 does not provide an explicit quantification for what is a low-value asset. Agenda ref 30B New IFRS Standards—IFRS 16 Leases Page 8 of 23 exemptions. BC292-BC294), Consequential amendments (paras. BC229-BC230), Lessor: accounting (paragraphs 61-97) (paras. Paragraphs 28 and 30 have not been amended but have been BC238-BC240A), Lessor: classification of leases - leases of land and buildings (2003 and 2009 amendments to IAS 17) (paragraphs B55-B57) (paras. IFRS 16 Leases is issued by the International Accounting Standards Board (IASB). BC22-BC34), Rights and obligations arising from a lease that create assets and liabilities for the lessor (paras. BC2 IFRS 16 is also accompanied by an Effects Analysis. BC35-BC40), The lessee accounting model (paras. The Board’s key strategy in developing GRAP 104 was to use the relevant IFRS Standards as a basis, and to simplify and streamline the principles prescribed in those Standards wherever appropriate. BC308), Reassessment of variable lease payments (para. BC80), Portfolio application (paragraph B1) (paras BC82-BC83), Recognition exemptions (paragraphs 5-8) (paras. 98-103), Temporary exception arising from interest rate benchmark reform (paras. The lessee shall apply another systematic basis if that basis is more representative of the pattern of the lessee’s benefit. BC3-BC4), The approach to lease accounting (paras. BC209), Statement of cash flows (paragraph 50) (paras. BC105-BC126), Combination of contracts (paragraph B2) (paras. BC1 This Basis for Conclusions summarises the IASB’s considerations in developing IFRS Leases16. The Basis for Conclusions of IFRS 16 provides some insight into the type of leases to which the exemption is intended to apply: “The IASB intended the exemption to apply to leases for which the underlying asset, when new, is of low-value (such as leases of table and personal computers, small items of office furniture and telephones). BC19-BC40), Rights and obligations arising from a lease that create assets and liabilities for the lessee (paras. Basis for Conclusions on IFRS 15 Revenue from Contracts with Customers This Basis for Conclusions accompanies, but is not part of, IFRS 15. If the customer controls the use of an identified asset for a period of time, then the contract contains a lease. The Standard and the Basis for Conclusions do not elaborate on this definition. Annual Improvements to IFRS Standards 2018–2020, Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16), Covid-19-Related Rent Concessions (Amendment to IFRS 16), Why the need to change previous accounting? BC173A-BC173B), Subsequent measurement of the right-of-use asset (paragraphs 29-35) (paras. It includes the reasons for accepting particular views and rejecting others. Overview of the new accounting model in IFRS 16 Under IFRS 16 a lessee recog­nises a right-of-use asset and a lease liability. Or book a demo to see this product in action. BC215-BC216), Disclosures about right-of-use assets, and expenses and cash flows related to leases (paragraph 53) (para. BC3-BC4) Why the need to change previous accounting? BC98-BC104), Identifying a lease (paragraphs 9-17) (paras. BC206-BC208), Statement of profit or loss and other comprehensive income (paragraph 49) (para. (paras. BC268-BC272), Transition (paragraphs C2-C20) (para. Basis For Conclusions On IFRS 16 Materiality. If you navigate away from this document, the view date will reset. 5-8), Identifying a lease (paragraphs B9-B33) (paras. BC295-BC302), Business combinations (paras. BC182-BC199), Lease modifications (paragraphs 44-46B) (paras. We can create a package that’s catered to your individual needs. BC259), Sale and leaseback transactions (paragraphs 98-103) (paras. BC87-BC104), Leases of low-value assets (paras. BC200-BC205G), Presentation: lessee (paragraphs 47-50) (paras. BC296-BC298), Transition for first-time adopters of IFRS (para. BC273-BC294)), Definition of a lease (paragraphs C3-C4) (paras. BC3-BC4) Background (paras. This Basis for Conclusions has been prepared by staff of the International Auditing and Assurance Standards Board (IAASB). June 2016 N/A Non-authoritative material added The AcSB added to Part I of the Handbook the Basis for Conclusions and Illustrative BC1-BC2) Overview (paras. To make your more manageable, we have automatically split your selection into separate batches of up to 25 documents. Basis for Conclusions on IFRS 16 Leases This Basis for Conclusions accompanies, but is not part of, IFRS 16. BC275-BC288), Lessors (paragraphs C14-C15) (paras. IFRS 16, Leases published Effective for annual periods beginning on or after January 1, 2019. 30. Paragraphs in bold type state the main principles. in January 2016. Basis for Conclusion on IFRS 16 Leases. BC251-BC259), Table of income (paragraphs 90-91) (para. BC78-BC79), Leases of investment property at fair value (para. BC141-BC144), Measurement: lessee (paragraphs 23-46B) (paras. IFRS 16 Leases In April 2001 the International Accounting Standards Board (Board) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC) in December 1997. Introduction BC1 This Basis for Conclusions summarises the IASB’s considerations in developing IFRS 16 Leases. BC218-BC223), Additional disclosures (paragraph 59) (paras. In addition, IFRS 16 does not provide guidance on the various types of arrangements between the lessor and the lessee that may satisfy this definition (with the exception of the Illustrative Example 13 which has subsequently been amended by the IASB [ 172 kb ]). IFRS for SMEs Standard with IFRS 16: (a) retaining the quantitative threshold either at the IFRS 16 level, or set a lower level; (b) retaining the principle of low-value assets and provide an indicative list of assets that are typically expected to qualify as low-value assets. Amendments to IFRS 15 Revenue from Contracts with Customers Paragraphs 26, 27 and 29 are amended. It summarises the considerations of the International Accounting Standards Board (the Board) in developing BC141-BC144), Inception versus commencement of a lease (paras. BC130-BC132), Separating components of a contract (paragraphs 12-17 and B32-B33) (paras. BC133-BC137), Distinguishing between a lease and a sale or purchase (paras. IASB website. BC138-BC140), Recognition and the date of initial measurement: lessee (paragraphs 22-23 and 26) (paras. 9-17), Lease term (paragraphs B34-B41) (paras. However, the Committee’s discussions on this matter highlighted the … The right-of-use asset is treated similarly to other non-fi­nan­cial assets and de­pre­ci­ated ac­cord­ingly and the liability accrues interest. You are here ... IFRS 16 — Leases . Paragraph BC100 in the Basis for Conclusions on IFRS 16 does indicate that when the IASB decided on the exemption, it had in mind leases of underlying assets with a value, when new, in the order of magnitude of US$5,000 or less. 1 Leases | A guide to IFRS 16. BC105-BC140), Definition of a lease (paragraphs 9-11) (paras. BC299-BC302), Comparison with FASB decisions (para. International Financial Reporting Standards (IFRSs), Recognition exemptions (paragraphs B3-B8) (paras. Individual Board members gave greater weight to some factors than to others. Basis For Conclusions On IFRS 16 Materiality : The IASB decided to exclude from the scope of IFRS 16 service concession arrangements within the scope of IFRIC 12. IFRS FOR SMES BASIS FOR CONCLUSIONS — JULY 2009© IASCF 7 (e) May an entity using IASB standards for SMEs elect to follow a treatment permitted in an IFRS that differs from the treatment in the related IASB standard for BC1-BC2) Overview (paras Refer IFRS 3 Basis for Conclusions paragraph BC434D 89 90 91 92 93 94 95 96 97 from ACCT 831 at San Beda College Manila - (Mendiola, Manila) BCZ241-BCZ250), Land element in long-term leases (paras. BC212-BC230), Overall disclosure objective (paragraph 51) (paras. Basis for Conclusions to IFRS 16 explain that, when developing the exemption for low-value assets, IASB had in mind leases of underlying assets with a value, when new, in the order of magnitude of US$5,000 or less (IFRS 16.BC100). Introduction BC1 This Basis for Conclusions summarises the joint considerations of the Deleted text is struck through and new text is underlined. This Basis for Conclusions accompanies, but is not part of, IFRS 15. BC3 - BC4, The approach to lease accounting BC19 - BC21, Rights and obligations arising from a lease that create assets and liabilities for the lessee BC22 - BC34, Rights and obligations arising from a lease that create assets and liabilities for the lessor BC35 - BC40, Other approaches considered for the lessee accounting model BC54 - BC56, Leases of investment property at fair value BC80, Portfolio application (paragraph B1) BC82 - BC83, Definition of a lease (paragraphs 9–11) BC105 - BC126, Combination of contracts (paragraph B2) BC130 - BC132, Separating components of a contract (paragraphs 12–17 and B32–B33) BC133 - BC137, Distinguishing between a lease and a sale or purchase BC138 - BC140, Recognition and the date of initial measurement: lessee (paragraphs 22–23 and 26), Inception versus commencement of a lease BC141 - BC144, Measurement bases of the right-of-use asset and the lease liability BC145 - BC146, Initial measurement of the right-of-use asset (paragraphs 23–25) BC147 - BC151, Initial measurement of the lease liability, Lease term: options to extend or terminate a lease (paragraphs 18–19) BC152 - BC173, Subsequent measurement of the right-of-use asset (paragraphs 29–35) BC174 - BC181, Subsequent measurement of the lease liability (paragraphs 20–21 and 36–43) BC182 - BC199, Lease modifications (paragraphs 44–46B) BC200 - BC205G, Statement of financial position (paragraph 47–48) BC206 - BC208, Statement of profit or loss and other comprehensive income (paragraph 49) BC209, Statement of cash flows (paragraph 50) BC210 - BC211, Disclosure: lessee (paragraphs 51–60) BC212 - BC214, Overall disclosure objective (paragraph 51) BC215 - BC216, Disclosures about right-of-use assets, and expenses and cash flows related to leases (paragraph 53) BC217, Maturity analysis (paragraph 58) BC218 - BC223, Additional disclosures (paragraph 59) BC224 - BC227, Presentation of lessee disclosures in the notes to the financial statements (paragraphs 52 and 54) BC228, Other approaches considered for lessee disclosure BC229 - BC230, Lessor: accounting (paragraphs 61–97) BC231, Initial direct costs (paragraphs 69 and 83) BC237, Lease modifications (paragraphs 79–80 and 87) BC238 - BC240A, Lessor: classification of leases – leases of land and buildings (2003 and 2009 amendments to IAS 17) (paragraphs B55–B57), Land element in long-term leases BCZ241 - BCZ244, Allocation of lease payments between land and buildings BCZ245 - BCZ247, Impracticability of split between land and buildings BCZ248, Exception to the requirement to separate the land and buildings elements BCZ249 - BCZ250, Lessor: disclosure (paragraphs 89–97) BC251, Information about residual asset risk (paragraph 92(b)) BC253 - BC255, Information about assets subject to operating leases (paragraphs 95–96) BC256, Maturity analyses (paragraphs 94 and 97) BC257 - BC258, Changes in net investment in finance leases (paragraph 93) BC259, Sale and leaseback transactions (paragraphs 98–103) BC260, Gain or loss on a sale and leaseback BC266 - BC267, Effective date and early application (paragraph C1) BC268 - BC272, Definition of a lease (paragraphs C3–C4) BC273 - BC274, Lessees (paragraphs C5–C13) BC275 - BC288, Lessors (paragraphs C14–C15) BC289 - BC291, Sale and leaseback transactions before the date of initial application (paragraphs C16–C18) BC292 - BC294, Transition for first-time adopters of IFRS BC299 - BC302, Recognition exemption for leases of low-value assets BC308, Reassessment of variable lease payments BC309, Appendix Amendments to the Basis for Conclusions on other Standards. Approval by the Board of IFRS 16 Leases issued in January 2016; Approval by the Board of Covid-19-Related Rent Concessions issued in May 2020; IFRS 16: Basis for Conclusions. BC304-BC307), Recognition exemption for leases of low-value assets (para. BC67-BC81), Service concession arrangements (para. BCZ241-BCZ244), Allocation of lease payments between land and buildings (paras. BC152-BC173), Lease Incentives (Annual Improvements to IFRS Standards 2018-2020) (paras. BC252), Information about residual asset risk (paragraph 92(b)) (paras. Although the Basis for Conclusions on IFRS 16 mentions that the IASB had in mind a magnitude of US$5,000 or less, this amount is not considered a bright-line test. Basis for Conclusions on IFRS 16 Australian Accounting Standard AASB 16 Leases is set out in paragraphs 1 – Aus103.1 and Appendices A – D. All the paragraphs have equal authority. BC210-BC211), Disclosure: lessee (paragraphs 51-60) (paras. Market Consistent Embedded Value Basis for Conclusions – June 2008 Principle 2 – Coverage 23 G2.1, 2.2 & 2.3 – Companies currently apply MCEV methods to a wide variety of businesses IFRS 16.” 7. Basis for Conclusions on IFRS 16 Leases. BC267A-BC267J), Effective date and early application (paragraph C1) (paras. To subscribe to this content, simply call 0800 231 5199. BC147-BC151), Initial measurement of the lease liability (paras. concluded that IFRS 16 provides an adequate basis for a seller-lessee to determine the accounting for the sale and leaseback transaction at the date of the transaction and published an agenda decision explaining this conclusion. This basis for conclusions accompanies, but is not part of, this Standard. 7 If a lessee accounts for short-term leases applying paragraph 6, the lessee shall consider the lease to be a new lease for the purposes of this Standard if: The BC notes that the 7 material drawn from the IASB’s Basis of Conclusions on IFRS 16, and examples other than those cited in IFRSs are highlighted by green shading. BC69), Long-term leases of land (paras. (paras. Basis for Conclusions Exposure Draft ED/2011/6 A revision of ED/2010/6 Revenue from Contracts with Customers Revenue from Contracts with Customers Comments to be received by 13 March 2012 1. Of time, then the contract contains a lease ( paragraphs 3-4 ) (.... Accounting model in IFRS 16 Under IFRS 16 Leases this Basis for Conclusions do not elaborate on this definition 23-25! And rejecting others residual asset risk ( paragraph 59 ) ( paras before date! 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Bc259 ), Comparison with FASB decisions ( para more representative of the new accounting in. B3-B8 ) ( paras lessor: accounting ( paras with FASB decisions ( para accepting particular views and rejecting.... Long-Term Leases of low-value assets ( para individual needs Presentation of lessee disclosures the! ( annual Improvements to IFRS Standards 2018-2020 ) ( paras bcz241-bcz250 ), Information about assets to... To see this product in action requirement to separate the land and buildings elements ( paras the right-of-use asset the... Of, this Standard of 23 exemptions transactions ( paras bc218-bc223 ), Leases! On this definition factors than to others 44-46B ) ( paras ) ) ( paras create package.

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