The IASB has published IFRS 16 Leases. The new standard comes into effect on...
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The IASB has published IFRS 16 Leases. The new standard comes into effect on 1 January 2019. Virtually every company uses rentals or leasing as a means to obtaining access to assets and will therefore be affected by the new standard. Earlier on April 16, 2016, IASB issued a clarification on IFRS 15 'Revenue from Contracts with Customers.
Required:
With absolute clarity, explain how IFRS 16 will affect leases as a financing solution and how IFRS 15 affected revenue recognition
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