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Summary Lease IFRS 16 $2.84   Add to cart

Summary

Summary Lease IFRS 16

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Summary of new lease standard which does away with operating leases

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  • Ifrs 16
  • February 9, 2018
  • 2
  • 2016/2017
  • Summary
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Leases
Definition of a Lease

 Right to control use of identifiable asset
 For a period of time
 For a consideration
 The requirements for a lease:
 Right to control or obtain almost all economic benefits
 Right to direct use

Identifiable asset

 Explicitly or implicitly identifiable
 Can be a portion of another asset if
 Physically unique
 Full capacity available
 Not identifiable if substantive substitution rights

Right to substitute

a) Practical ability to replace current asset with a similar asset
b) Supplier will gain economically from said substitution

Substantive substitution rights

 Right or obligation to substitute on / after inception (NA if not practically
possible)
 Must be due to circumstances from the contract’s inception
 A great cost usually will deter a substantive substitution right
 Maintenance and repairs not Substantive sub rights
 If it cannot be easily determined there are no substantive sub rights

Right to obtain economic benefits

 Acquired directly or indirectly
 Right to gain essentially all economic benefits from lease




Right to direct use

 Direct how and for what the asset is used for
 It is relevant to what extent certain things are predetermined
 The operation instructions and conditions may be fixed

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