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Leases are everywhere. We lease apartments, cars, office space, even equipment. But what do we really know about them? And why do accountants care so much about them?
Leases can be a great way to get the assets you need without having to spend a lot of money upfront, but leases can be complicated, and it's important to understand the terms and conditions before you sign one.
Under IFRS 16 Leases, companies are required to recognize most leases as assets and liabilities on their balance sheets. This can have a big impact on a company's reported earnings and debt levels.
This blog post compiles for you guidance made available by the Big 4 and other Audit firms to help you with the learning and understanding of IFRS 16 Leases.
Fun fact:
Did you know that the first lease was signed in Mesopotamia around 3,000 BC?
Did you know that the world's largest lease portfolio is owned by the US government?
Did you know that the average American spends more on leases than on their mortgage?
The below resources (PDF, videos and eLearns) provide comprehensive coverage of IFRS 16 Leases, including its key requirements and practical guidance. Whether you're new to IFRS16 or looking for a refresher, these resources are a valuable resource.
IFRS 16 Leases practical guide
Source: Deloitte
Deloitte Leases practical guide - IFRS 16 Pdf
Source: KPMG
KPMG Leases practical guide - IFRS 16 Pdf
Source: EY
EY Leases practical guide - IFRS 16 Pdf
Source: PwC
PwC Leases practical guide - IFRS 16 Pdf
Source: BDO
BDO Leases practical guide - IFRS 16 Pdf
Video
Source: IFRS IS EASY
IFRS IS EASY Leases - IFRS 16 eLearn
Basic understanding of Leases - IFRS 16 eLearn
PS: All resources above are sourced directly from the public domain of the owners as made publicly available by them and are compiled here by IFRS IS EASY for your convenience.
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