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How will IFRS 16 affect Lease Accounting?

From 1st January 2019, IFRS 16 will supersede IAS 17, meaning that operating leases as well as finance leases must be accounted for on the balance sheet.  This will have a huge impact on the accounting processes of any organisation that leases in assets.  Therefore, it is expected that a high number of companies will be affected.


According to a recent poll, less than 5% of organisations have a dedicated lease accounting system in place, so now is the time to start reviewing your processes.

Here are some steps you can take in preparation for IFRS 16:


ifrs 16 digram

 

View the text information for the 5 Steps In Preparation for IRS 16.