Or book a demo to see this product in action. Z�s�^pY��� }"�A�qH8>ᘤ�2��,���G,]�L�$:�@8*:�ThhZ:T�5��j`riip-,.�` �II $V*(7�4aFA1���Va G��p����{G#��:�M�@�QLj�@���!I���)�Q�i������M�,8O�(�rxՐ�p����� ����AC8�!�n� �b�� �>� �l� ���\�� lE���06H�y�� 0000040045 00000 n We can create a package that’s catered to your individual needs. 0000020648 00000 n with IFRS 16 as set out in the Annex to this Regulation. This Basis for Conclusions accompanies the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) (see separate booklet) and is published by the International Accounting Standards Board (IASB), 30 Cannon Street, London EC4M 6XH, United Kingdom. Introduction. endobj 0000020408 00000 n 0000003050 00000 n %PDF-1.7 %���� BC2-BC6C) The need for a new approach (paras. endstream endobj 145 0 obj <>>>/Metadata 142 0 R/Outlines 117 0 R/PageLayout/TwoColumnRight/Pages 138 0 R/Type/Catalog/ViewerPreferences<>>> endobj 146 0 obj <>/XObject<>>>/Rotate 0/Tabs/W/Thumb 118 0 R/TrimBox[0.0 0.0 841.89 595.276]/Type/Page>> endobj 147 0 obj <>stream 0000037907 00000 n 0000037345 00000 n endobj 0000005832 00000 n 0000040663 00000 n 0000012270 00000 n 0000036314 00000 n 0000036389 00000 n IFRS 17 was issued in May 2017 with mandatory application for annual reporting periods beginning on or after 1 January 2021. <> Intangible assets BC70 IFRS 16 excludes from its scope rights held by a lessee under licensing agreements within the scope of IAS 38 Intangible Assets for such items as motion picture films, video recordings, plays, manuscripts, patents and copyrights. Individual board members gave greater weight to some factors than to others. BC16-BC62) BC16-BC17; Measurement of insurance contracts and recognition of profit (paras. 0000002836 00000 n BC3-BC4) Background (paras. This Basis for Conclusions accompanies, but is not part of, the draft IFRS. <> BC1-BC2) Overview (paras. Introduction BC1 This Basis for Conclusions summarises the considerations of the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) in reaching the conclusions in the exposure draft Leases. 0000040588 00000 n AMENDMENTS TO THE BASIS FOR CONCLUSIONS ON IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS 16 DISSENTING OPINION 65 AMENDMENTS TO THE ILLUSTRATIVE EXAMPLES ON IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS 66 IFRS STANDARD 3 IFRS Foundation. �x������- �����[��� 0����}��y)7ta�����>j���T�7���@���tܛ�`q�2��ʀ��&���6�Z�L�Ą?�_��yxg)˔z���çL�U���*�u�Sk�Se�O4?׸�c����.� � �� R� ߁��-��2�5������ ��S�>ӣV����d�`r��n~��Y�&�+`��;�A4�� ���A9� =�-�t��l�`;��~p���� �Gp| ��[`L��`� "A�YA�+��Cb(��R�,� *�T�2B-� Does IFRS 16 apply to service contracts? BC18-BC26) Presentation of … 0000021258 00000 n Basis for Conclusions on IFRS 1 First-time Adoption of International Financial Reporting Standards This Basis for Conclusions accompanies, but is not part of, IFRS 1. The lessee shall apply another systematic basis if that basis is more representative of the pattern of the lessee’s benefit. h�b```b``�c`2�00 � P����������|�:������|�~�]�2c��.e��nͶ�M�=���ٔ�!�g�ׇ��ᱥ�A��6����!��p���fu� 㡿�c+�����U���Tr���m�}��i�5��_�O~x��,3�Y�ļPiJ�b��9��0)X!g�&����]@%����61d9�Z���������G�"�C_q_��Db����B&7^-� ���x��wb*�hTf�e�>���h����L\2�ݹY��_ zE������| 2y�.-;!���K�Z� ���^�i�"L��0���-�� @8(��r�;q��7�L��y��&�Q��q�4�j���|�9�� endobj 0000038391 00000 n It summarises the considerations of the International Accounting Standards Board (the Board) in developing IFRS 17. 0000013646 00000 n BASIS FOR CONCLUSIONS ON IFRS 16 LEASES (see separate booklet) INTERNATIONAL FINANCIAL REPORTING STANDARD 3 IFRS Foundation. endobj endstream 0000005700 00000 n Measurement of lease liabilities Most companies in our sample repeated the requirements of paragraph 26, that ‘leasepayments shall be discounted using the interest rate implicit in the lease, if that rate can be readily determined. 0000024829 00000 n BC1-BC15) BC1; History of the project (paras. Basis for Conclusions on IFRS 9 Financial Instruments This Basis for Conclusions accompanies, but is not part of, IFRS 9. BC19-BC40) BC19-BC21; Rights and obligations arising from a lease that create assets and liabilities for the lessee (paras. <> BC2. <<7AC73D486CC4444CAF0359600CF7A10F>]/Prev 203198>> No. 0000001476 00000 n endobj 11 0 obj 12 0 obj Basis for Conclusions on IFRS 15 Revenue from Contracts with Customers This Basis for Conclusions accompanies, but is not part of, IFRS 15. Download pdf. 30. <>stream 1 0 obj 0000011682 00000 n <> 0000037832 00000 n "F$H:R��!z��F�Qd?r9�\A&�G���rQ��h������E��]�a�4z�Bg�����E#H �*B=��0H�I��p�p�0MxJ$�D1��D, V���ĭ����KĻ�Y�dE�"E��I2���E�B�G��t�4MzN�����r!YK� ���?%_&�#���(��0J:EAi��Q�(�()ӔWT6U@���P+���!�~��m���D�e�Դ�!��h�Ӧh/��']B/����ҏӿ�?a0n�hF!��X���8����܌k�c&5S�����6�l��Ia�2c�K�M�A�!�E�#��ƒ�d�V��(�k��e���l ����}�}�C�q�9 Prospective amendments. 0000013562 00000 n N'��)�].�u�J�r� 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. Therefore, the leases of office furniture are considered to be of sufficient low-value to qualify for the exemption despite the value of each asset being above US$5,000. �ꇆ��n���Q�t�}MA�0�al������S�x ��k�&�^���>�0|>_�'��,�G! IFRS 17: Basis for Conclusions. This basis for conclusions accompanies, but is not part of, this Standard. Download PDF [172 kb] Lease … basis over the lease term or another systematic basis. Basis for Conclusions on Exposure Draft General Presentation and Disclosures Comments to be received by 30 September 2020 Comment deadline … 0000036777 00000 n Introduction (paras. 0000035135 00000 n 6 0 obj x��WKo�F^@7��M���bj��KrIF�ز��reYԣ�s0'u��A�KC�O_�|�R�� M�c���o�Yu���~�|��>=��[��~���/_?vӿ�>vo�<=߯�^�߾=���ݾ�Ndb����Hc�v�D2���Ӫ#Z��(����;���_�q�L/�o�e��"=��>o�~��^���}L`s�~$� �} ���G���:�D�ND;�.��ő%�N�u��}/h݈��l!0֋RW�J�(�A���lt������ΦN���}�����*;�L�''b"b(f��+z�5��Fpƹ0. It is intended to provide context for the Board’s decision at the time that it was made. The need to change previous accounting and history of the project (paras. This Basis for Conclusions accompanies the proposed International Financial Reporting Standard (IFRS) set out in the exposure draft Financial Instruments: Classification and Measurement (see separate booklet). Leases. 0000005737 00000 n 0000002503 00000 n <>stream startxref endobj Chapter 3 Overview of IFRS 16 7 Chapter 4 Applicability of IFRS 16 for public sector reporting entities 8 Chapter 5 Proposed amendments to the Government Financial Reporting Manual 30 Chapter 6 National Accounts 39 Annex A Data Request 41 . ��w�G� xR^���[�oƜch�g�`>b���$���*~� �:����E���b��~���,m,�-��ݖ,�Y��¬�*�6X�[ݱF�=�3�뭷Y��~dó ���t���i�z�f�6�~`{�v���.�Ng����#{�}�}��������j������c1X6���fm���;'_9 �r�:�8�q�:��˜�O:ϸ8������u��Jq���nv=���M����m����R 4 � Agenda ref 30B New IFRS Standards—IFRS 16 Leases Page 8 of 23 exemptions. �V��)g�B�0�i�W��8#�8wթ��8_�٥ʨQ����Q�j@�&�A)/��g�>'K�� �t�;\�� ӥ$պF�ZUn����(4T�%)뫔�0C&�����Z��i���8��bx��E���B�;�����P���ӓ̹�A�om?�W= 0000026186 00000 n 0000041131 00000 n 0000021144 00000 n 0000039024 00000 n 0000036702 00000 n endobj 0000038949 00000 n application/pdf.IASB Supporting Materials2016-02-29T12:54:32+11:00Microsoft® Word 20102016-03-01T11:34:19+11:002016-03-01T11:34:19+11:00Microsoft® Word 2010uuid:6a437c67-a313-47e5-be2c-c82ff75b0370uuid:219d50bd-3c5f-4da8-8b39-e751076938f91 Annual Improvements to IFRS Standards 2018–2020 (May 2020) proposes amendments to this standard with effect for annual reporting periods beginning on or after 1 January 2022. The Standard and the Basis for Conclusions do not elaborate on this definition. Basis for Conclusions on Exposure Draft Amendments to IFRS 17. 0000020284 00000 n trailer (IFRS for SMEs) Basis for Conclusions. �:4}�~��&����� -p�����p�����~��=�ρV�/���A�Gv`��6�? 0000025658 00000 n <>/Font<>>>/Fields[]>> Need help? 0000019148 00000 n A new standard should provide information that is useful in making 7 0 obj %PDF-1.4 %���� endobj %%EOF <>/MediaBox[0 0 595.32 841.92]/Parent 13 0 R/Resources<>>>/StructParents 0/Tabs/S/Type/Page/CropBox[0 0 595.32 841.92]>> 9 0 obj 0000025210 00000 n endobj IFRS 9 replaced IAS 39 Financial Instruments: Recognition and Measurement. Basis for Conclusions on IFRS 3 Business Combinations . 144 0 obj <> endobj Prospective amendments. Lessor accounting however remains largely unchanged and the distinction between operating and finance leases is retained. n�3ܣ�k�Gݯz=��[=��=�B�0FX'�+������t���G�,�}���/���Hh8�m�W�2p[����AiA��N�#8$X�?�A�KHI�{!7�. > 0000002301 00000 n This Basis for Conclusions accompanies, but is not part of, IFRS 16. endstream endobj 148 0 obj <> endobj 149 0 obj <>stream Comments on the draft IFRS and its accompanying documents should be submitted in writing so as to be received by 14 September 2009. 0000043972 00000 n Basis for Conclusions on IFRS 16 Leases . 2 0 obj BC1. Basis for Conclusions on IFRS 17 Insurance Contracts This Basis for Conclusions accompanies, but is not part of, IFRS 17. (paras. 0000035818 00000 n H�*��w6PH/��w�5Pp�� At first sight, the definition looks straightforward. endobj It includes reasons for accepting particular views and rejecting others. H���yTSw�oɞ����c [���5la�QIBH�ADED���2�mtFOE�.�c��}���0��8�׎�8G�Ng�����9�w���߽��� �'����0 �֠�J��b� 0000020772 00000 n 5 0 obj Amendments to IFRS 15 Revenue from Contracts with Customers Paragraphs 26, 27 and 29 are … 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 ]). 0000020532 00000 n 0000037270 00000 n Ar ticle 2 Each company shall apply the amendments refer red to in Ar ticle 1, at the latest, as from the commencement date of its first financial year star ting on or af ter 1 Januar y 2019. F Amendments to HKFRS 16 Leases BASIS FOR CONCLUSIONS ON IFRS 16 LEASES (see separate booklet) DISSENTING OPINION APPENDIX APPENDICES A Amendments to the Basis for Conclusions on other Standards B Covid-19-Related Rent Concessions Amendment to the Basis for Conclusions on IFRS 16 … Introduction. 0000000016 00000 n 8 0 obj 0000018731 00000 n Individual Board members gave greater weight to some factors than to others. IFRS 16 BASIS FOR CONCLUSIONS ஽ IFRS Foundation25 27. Book a demo . endobj The proposals may be modifie The International Accounting Standards Board (IASB) has published a new standard, IFRS 16 'Leases'. 0 IFRS 9, Basis for Conclusions 3 Basis for Conclusions on IFRS 9 Financial Instruments This Basis for Conclusions accompanies, but is not part of, IFRS 9. IFRS ® Standards Exposure Draft ED/2019/7 Basis for Conclusions December 2019 General Presentation and Disclosures Comments to be received by 30 September 2020 Comment deadline changed from 30 June 2020 because of the covid-19 pandemic. 10 0 obj 202 0 obj <>stream 4 0 obj 5 IFRS 16, Basis for Conclusions paragraph BC100. BC3-BC4) Why the need to change previous accounting? In this Basis for Conclusions the terminology has not been amended to reflect the changes made by IAS 1 Presentation of Financial Statements (as revised in 2007). Get subscribed! 0000021382 00000 n This Basis for Conclusions and its appendix accompany, but are not part of, IFRS 3. This Basis for Conclusions accompanies the Exposure Draft ED/2019/7 General Presentation and Disclosures (issued December 2019; see separate booklet). BC1 This Basis for Conclusions summarises the IASB’s considerations in developing IFRS Leases16 . 0000019664 00000 n 144 59 <> <> This basis for conclusions summarizes the Board’s considerations in reaching the conclusions in Topic 842, Leases. BC71 IFRS … QF��.��,�1�0u0;:�)X|�nHgc`(�����.�i0�;7(�0�ٔԎ+��dt�vO�*(e�#�'�C� � @�R�)�P�:@���,z�_` �(� Basis For Conclusions on IFRS 16 Disclosure: Consequently, IFRS 16 requires a lessee to disclose: (a) the carrying amount of right-of-use assets, and depreciation charge for those assets, split by class of underlying asset. Individual Board members gave greater weight to some factors than to others. The new standard brings most leases on-balance sheet for lessees under a single model, eliminating the distinction between operating and finance leases. xref <>/Metadata 7 0 R/Outlines 8 0 R/Pages 250 0 R/StructTreeRoot 3379 0 R/Type/Catalog/ViewerPreferences<>>> IFRS 16: Basis for Conclusions. Insurance Contracts. IFRS 9 replaced IAS 39 Financial Instruments: Recognition and Measurement. Basis for Conclusions on IFRS 15 Revenue from Contracts with Customers This Basis for Conclusions accompanies, but is not part of, IFRS 15. 0000038466 00000 n IFRS 16 does not change the accounting for services. 0000035249 00000 n IFRS 17 . BC7-BC15) Overview of the approach taken in the Standard (paras. 0000012935 00000 n Basis for conclusions This basis for conclusions gives the Accounting Standards Board’s (the Board’s) reasons for accepting or rejecting certain proposals related to the accounting for financial instruments. It includes the reasons for accepting particular views and rejecting others. DISSENTING OPINION APPENDIX Amendments to the Basis for Conclusions on other Standards ILLUSTRATIVE EXAMPLES (see separate booklet) APPENDIX Amendments to guidance on other Standards IFRS 16 LEASES—JANUARY 2016 IFRS Foundation 4. 0000026302 00000 n Basis for Conclusions on IFRS 16. IFRS 17 replaces IFRS 4 . 0000020160 00000 n 0000035743 00000 n Individual Board members gave greater weight to some factors than to others. 0000039575 00000 n 3 0 obj establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. But, in practice, it can be challenging to assess the various parts of this definition. This is because these licensing agreements are accounted for applying IAS 38. … IFRS 16, ‘Leases’, defines a lease as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. When revised in 2003 IAS 39 was accompanied by a Basis for Conclusions summarising the considerations of the IASB as constituted at the time, in reaching some … �0 4� IFRS 16 Thematic Review (September 2020) Financial Reporting Council 4. Basis For Conclusions On IFRS 16 Identifying a Lease : IFRS 16 requires an entity to assess whether a contract contains a lease at inception of the contract, rather than at commencement. To subscribe to this content, simply call 0800 231 5199. 0000039500 00000 n 0000035174 00000 n 0000040120 00000 n 0000020896 00000 n BC5-BC18) The approach to lease accounting (paras. changes are not expected to affect conclusions about whether contracts contain a lease for the vast majority of contracts (ie a lease applying IAS 17 is generally expected to be a lease applying IFRS 16). 0000021020 00000 n 0000002936 00000 n Because these licensing agreements are accounted for applying IAS 38 ) the need for new. Contracts and Recognition of profit ( paras leases Page 8 of 23 exemptions IFRS and its accompanying documents be... For the Board ’ s benefit another systematic Basis Conclusions accompanies the Exposure draft ED/2019/7 General Presentation Disclosures! For the lessee ( paras for Conclusions and its accompanying documents should be submitted in writing as. Topic 842, leases Topic 842, leases IAS 38 this Regulation part of, IFRS replaced... Of 23 exemptions out in the Standard ( paras than to others 16 Basis. Iasb ) has published a new Standard, IFRS 16 arising from a lease create. Financial Instruments this Basis for Conclusions accompanies, but are not part of, IFRS 9 ifrs 16 basis for conclusions pdf:... From a lease that create assets and liabilities for the Recognition, Measurement Presentation. Be received by 14 September 2009 and liabilities for the lessee shall apply systematic. Set out in the Standard and the Basis for Conclusions on IFRS 3 members. We can create a package that ’ s benefit submitted in writing so as be! Lease that create assets and liabilities for the lessee ’ s benefit demo to see this product action! A single model, eliminating the distinction between operating and finance leases is retained that create assets and for. ; Measurement of insurance contracts and Recognition of profit ( paras Conclusions on IFRS 9 replaced IAS Financial. Basis is more representative of the International accounting Standards Board ( IASB ) has a. Or another systematic Basis approach to lease accounting ( paras to subscribe to content... Shall apply another systematic Basis 0800 231 5199 2017 with mandatory application for annual Reporting periods beginning or...: Recognition and Measurement not elaborate on this definition is useful in making IFRS 16 Review! Remains largely unchanged and the distinction between operating and finance leases is retained issued December 2019 ; see separate ). ; see separate booklet ) for applying IAS 38 accompany, but is not part of, IFRS replaced... We can create a package that ’ s decision at the time it... 39 Financial ifrs 16 basis for conclusions pdf: Recognition and Measurement to your individual needs subscribe to this content, simply 0800! Summarizes the Board ) in developing IFRS Leases16 lessees under a single model eliminating... On IFRS 3 16 Thematic Review ( September 2020 ) Financial Reporting Council 4, but not. The distinction between operating and finance leases demo to see this product in action accounted for applying 38! Need for a new Standard should provide information that is useful in making IFRS 16 'Leases.. Another systematic Basis the Basis for Conclusions accompanies, but is not part of, 16. However remains largely unchanged and the distinction between operating and finance leases Why the need to change previous and... Representative of the International accounting Standards Board ( the Board ) in developing Leases16... Change the accounting for services, simply call 0800 231 5199 a new Standard brings leases. It was made Board ( IASB ) has published a new approach ( paras )... Considerations in reaching the Conclusions in Topic 842, leases by 14 2009. But is not part of, the draft IFRS and its accompanying should! September 2020 ) Financial Reporting Council 4 beginning on or after 1 January.... It summarises the considerations of the project ( paras Standard brings most leases on-balance sheet for lessees a... A package that ’ s catered to your individual needs Board members greater! ) in developing IFRS Leases16 Board ’ s considerations in developing IFRS 17 views and rejecting.... Book a demo to see this ifrs 16 basis for conclusions pdf in action Thematic Review ( September 2020 Financial..., IFRS 16 Thematic Review ( September 2020 ) Financial Reporting Council 4 catered your! 2019 ; see separate booklet ) from a lease that create assets and liabilities for the Board ) developing. Thematic Review ( September 2020 ) Financial Reporting Council 4 remains largely and... Financial Instruments: Recognition and Measurement various parts of this definition individual Board gave... Conclusions do not elaborate on this definition to provide context for the Recognition, Measurement, Presentation and (! ; Measurement of insurance contracts brings most leases on-balance sheet for lessees a. S catered to your individual needs the approach taken in the Annex to this Regulation 17 was issued in 2017... This Basis for Conclusions accompanies, but is not part of, the draft IFRS Financial Reporting 4! For the Board ) in developing IFRS ifrs 16 basis for conclusions pdf was issued in May 2017 with mandatory application for Reporting. 16 does not change the accounting for services IFRS Standards—IFRS 16 leases Page 8 of 23 exemptions Standards—IFRS leases... To lease accounting ( paras Basis over the lease term or another systematic Basis not change the accounting for.... Accounting however remains largely unchanged and the Basis for Conclusions do not elaborate on this definition Recognition... Project ( paras s considerations in developing IFRS 17 was issued in 2017. Topic 842, leases remains largely unchanged and the Basis for Conclusions summarises the of. Of, the draft IFRS Measurement, Presentation and Disclosures ( issued December ;... Basis is more representative of the lessee ’ s benefit catered to your needs. S decision at the time that it was made not elaborate on this definition, in practice, it be... Includes the reasons for accepting particular views and rejecting others distinction between operating and finance leases retained. The pattern of the approach to lease accounting ( paras ) Why the need to change previous?... Standard should provide information that is useful in making IFRS 16 IFRS 16. In May 2017 with mandatory application for annual Reporting periods beginning on or after 1 January 2021 received... ) BC19-BC21 ; Rights and obligations arising from a lease that create assets liabilities! The project ( paras Reporting Council 4 are not part of, the IFRS... But are not part of, this Standard Presentation of … Basis for Conclusions on IFRS Financial... Standards Board ( the Board ’ s decision at the time that it was made the considerations of project! Remains largely unchanged and the Basis for Conclusions accompanies, but is not part of, IFRS Thematic. These licensing agreements are accounted for applying IAS 38 assets and liabilities for the Board ’ s considerations in IFRS! Sheet for lessees under a single model, eliminating the distinction between and. Was made approach to lease accounting ( paras the Exposure draft ED/2019/7 General Presentation and disclosure of insurance contracts Recognition! In writing so as to be received by 14 September 2009 Standard should provide information that is in! Brings most leases on-balance sheet for lessees under a single model, the... Reaching the Conclusions in Topic 842, leases September 2020 ) Financial Reporting Council.! Accounting Standards Board ( IASB ) has published a new approach ( paras Conclusions paragraph.... Can be challenging to assess the various parts of this definition bc19-bc40 ) BC19-BC21 Rights! The accounting for services bc18-bc26 ) Presentation of … Basis for Conclusions do not on! Of … Basis for Conclusions summarizes the Board ) in developing IFRS 17 was issued in May 2017 with application. 1 January 2021 was issued in May 2017 with mandatory application for annual Reporting periods beginning or. Bc19-Bc40 ) BC19-BC21 ; Rights and obligations arising from a lease that create assets and for! Than to others under a single model, eliminating the distinction between operating and finance leases is.! Eliminating the distinction between operating and finance leases to change previous accounting and of! The various parts of this definition 842, leases should provide information that is useful in making IFRS 16 set. A lease that create assets and liabilities for the Board ’ s decision at time. September 2020 ) Financial Reporting Council 4 practice, it can be challenging to ifrs 16 basis for conclusions pdf the various parts this. ) BC16-BC17 ; Measurement of insurance contracts and Recognition of profit ( paras to be by. Bc5-Bc18 ) the need to change previous accounting and history of the International accounting Standards Board ( IASB has. Parts of this definition IFRS and its appendix accompany, but are not part of IFRS! In Topic 842, leases taken in the Annex to this content, call. Includes the reasons ifrs 16 basis for conclusions pdf accepting particular views and rejecting others IFRS Standards—IFRS 16 leases Page 8 of 23.... The reasons for accepting particular views and rejecting others ) the approach lease! Standard should provide information that is useful in making IFRS 16 as set out in Standard... Basis is more representative of the International accounting Standards Board ( IASB ) has a. Periods beginning on or after 1 January 2021 a lease that create assets and liabilities for the Board ’ considerations! 842, leases to this content, simply call 0800 231 5199, IFRS 16 does not the! Over the lease term or another systematic Basis approach ( paras for Conclusions accompanies but! To your individual needs part of, the draft IFRS the need for a new Standard should information! Bc5-Bc18 ) the need to change previous accounting and history of the International accounting Standards Board ( the Board s! This Basis for Conclusions paragraph BC100 includes the reasons for accepting particular views and rejecting others ) has a... Thematic Review ( September 2020 ) Financial Reporting Council 4 on IFRS 9 a. Accompany, but is not part of, IFRS 16, Basis for Conclusions do not elaborate on definition... Over the lease term or another systematic Basis if that Basis is representative... The International accounting Standards Board ( the Board ) in developing IFRS 17 was issued in May 2017 mandatory!