ifrs 16 basis for conclusions pdf

0000002301 00000 n 0000019664 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. Individual board members gave greater weight to some factors than to others. 0000020896 00000 n 0000002836 00000 n 144 59 Leases. Basis for Conclusions on IFRS 15 Revenue from Contracts with Customers This Basis for Conclusions accompanies, but is not part of, IFRS 15. 0000043972 00000 n BC16-BC62) BC16-BC17; Measurement of insurance contracts and recognition of profit (paras. 0000035135 00000 n It summarises the considerations of the International Accounting Standards Board (the Board) in developing IFRS 17. BC7-BC15) Overview of the approach taken in the Standard (paras. 30. trailer 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. 0000035743 00000 n This Basis for Conclusions accompanies the Exposure Draft ED/2019/7 General Presentation and Disclosures (issued December 2019; see separate booklet). BC1-BC2) Overview (paras. 0000020648 00000 n 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. endobj Prospective amendments. 0000040120 00000 n 0000003050 00000 n BC2-BC6C) The need for a new approach (paras. Individual Board members gave greater weight to some factors than to others. 2 0 obj 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. 0000021258 00000 n The International Accounting Standards Board (IASB) has published a new standard, IFRS 16 'Leases'. Download pdf. 0000037270 00000 n Agenda ref 30B New IFRS Standards—IFRS 16 Leases Page 8 of 23 exemptions. <>/Metadata 7 0 R/Outlines 8 0 R/Pages 250 0 R/StructTreeRoot 3379 0 R/Type/Catalog/ViewerPreferences<>>> 0000035249 00000 n BASIS FOR CONCLUSIONS ON IFRS 16 LEASES (see separate booklet) INTERNATIONAL FINANCIAL REPORTING STANDARD 3 IFRS Foundation. It is intended to provide context for the Board’s decision at the time that it was made. 0000012935 00000 n 11 0 obj (paras. IFRS 17 . 202 0 obj <>stream The Standard and the Basis for Conclusions do not elaborate on this definition. endobj Basis for Conclusions on IFRS 9 Financial Instruments This Basis for Conclusions accompanies, but is not part of, IFRS 9. > 0000039500 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. H��yTSw�oɞ��c [��5la�QIBH�ADED��2�mtFOE�.�c��}��0��8�׎�8G�Ng��9�w��߽�� '��0 �֠�J��b� Get subscribed! Download PDF [172 kb] Lease … IFRS 16: Basis for Conclusions. 0000005700 00000 n At first sight, the definition looks straightforward. 0000002936 00000 n startxref %%EOF 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. endobj Comments on the draft IFRS and its accompanying documents should be submitted in writing so as to be received by 14 September 2009. QF��.��,�1�0u0;:�)X|�nHgc`(��.�i0�;7(�0�ٔԎ+��dt�vO�*(e�#�'�C� � @�R�)�P�:@��,z�_` �(� 0000013562 00000 n IFRS 17: Basis for Conclusions. Basis for Conclusions on IFRS 16. 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 0000020532 00000 n 2y�.-;!��K�Z� ��^�i�"L��0��-�� @8(��r�;q��7�L��y��&�Q��q�4�j��|�9�� No. 0000000016 00000 n 0000040045 00000 n endobj BC18-BC26) Presentation of … IFRS 16 Thematic Review (September 2020) Financial Reporting Council 4. 0000025210 00000 n 3 0 obj endobj <<7AC73D486CC4444CAF0359600CF7A10F>]/Prev 203198>> The lessee shall apply another systematic basis if that basis is more representative of the pattern of the lessee’s benefit. 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). IFRS 17 was issued in May 2017 with mandatory application for annual reporting periods beginning on or after 1 January 2021. Need help? 0000018731 00000 n 0 0000021020 00000 n 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 ]). 0000039575 00000 n Does IFRS 16 apply to service contracts? BC1-BC15) BC1; History of the project (paras. 9 0 obj 0000012270 00000 n 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. IFRS 16 does not change the accounting for services. This is because these licensing agreements are accounted for applying IAS 38. Individual Board members gave greater weight to some factors than to others. 0000019148 00000 n <> ��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 � Basis for Conclusions on Exposure Draft General Presentation and Disclosures Comments to be received by 30 September 2020 Comment deadline … <> endstream 0000038466 00000 n This Basis for Conclusions accompanies, but is not part of, IFRS 16. 0000005832 00000 n Introduction. Basis for Conclusions on IFRS 16 Leases . 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. Amendments to IFRS 15 Revenue from Contracts with Customers Paragraphs 26, 27 and 29 are … endobj Basis for Conclusions on IFRS 3 Business Combinations . �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= 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). It includes reasons for accepting particular views and rejecting others. with IFRS 16 as set out in the Annex to this Regulation. 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 … BC19-BC40) BC19-BC21; Rights and obligations arising from a lease that create assets and liabilities for the lessee (paras. But, in practice, it can be challenging to assess the various parts of this definition. 0000039024 00000 n 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 . <> 0000040663 00000 n IFRS 16 BASIS FOR CONCLUSIONS ஽ IFRS Foundation25 27. <>stream Prospective amendments. Introduction (paras. … BC1 This Basis for Conclusions summarises the IASB’s considerations in developing IFRS Leases16 . IFRS 9 replaced IAS 39 Financial Instruments: Recognition and Measurement. This Basis for Conclusions and its appendix accompany, but are not part of, IFRS 3. 0000035174 00000 n Although the Basis for Conclusions on IFRS 16 mentions that the IASB had in mind a magnitude of US$5,000 or less, this amount is not considered a bright-line test. <> Basis for Conclusions on Exposure Draft Amendments to IFRS 17. 0000037345 00000 n 0000005737 00000 n endobj H�*��w6PH/��w�5Pp�� Basis For Conclusions On IFRS 16 Identifying a Lease : IFRS 16 requires an entity to assess whether a contract contains a lease at inception of the contract, rather than at commencement. 0000020284 00000 n %PDF-1.7 %�� (IFRS for SMEs) Basis for Conclusions. IFRS 17 replaces IFRS 4 . xref �x��- ��[�� 0��}��y)7ta��>j��T�7��@��tܛ�`q�2��ʀ��&��6�Z�L�Ą?�_��yxg)˔z��çL�U��*�u�Sk�Se�O4?׸�c��.� � �� R� ߁��-��2�5�� S�>ӣV��d�`r��n~��Y�&�+`��;�A4�� A9� =�-�t��l�`;��~p�� Gp| ��[`L��`� "A�YA�+��Cb(��R�,� *�T�2B-� n�3ܣ�k�Gݯz=��[=��=�B�0FX'�+��t��G�,�}��/��Hh8�m�W�2p[��AiA��N�#8$X�?�A�KHI�{!7�. This basis for conclusions accompanies, but is not part of, this Standard. 0000026302 00000 n �ꇆ��n��Q�t�}MA�0�al��S�x ��k�&�^��>�0|>_�'��,�G! 0000001476 00000 n 0000037907 00000 n The need to change previous accounting and history of the project (paras. 0000020408 00000 n <> �:4}�~��&�� -p��p��~��=�ρV�/��A�Gv`��6�? Lessor accounting however remains largely unchanged and the distinction between operating and finance leases is retained. Or book a demo to see this product in action. This Basis for Conclusions accompanies, but is not part of, the draft IFRS. Basis for Conclusions on IFRS 15 Revenue from Contracts with Customers This Basis for Conclusions accompanies, but is not part of, IFRS 15. 1 0 obj 0000021382 00000 n endobj 0000026186 00000 n 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. 0000025658 00000 n 0000021144 00000 n 5 IFRS 16, Basis for Conclusions paragraph BC100. 0000036389 00000 n BC71 IFRS … 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. 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. 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. 144 0 obj <> endobj 0000037832 00000 n establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. }"�A�qH8>ᘤ�2��,��G,]�L�$:�@8*:�ThhZ:T�5��j`riip-,.�` �II $V*(7�4aFA1��Va G��p��{G#��:�M�@�QLj�@��!I��)�Q�i��M�,8O�(�rxՐ�p�� AC8�!�n� �b�� >� �l� ��\�� lE��06H�y�� 0000038391 00000 n We can create a package that’s catered to your individual needs. 0000038949 00000 n 0000040588 00000 n 5 0 obj "F$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 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 8 0 obj <>/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]>> Z�s�^pY�� 0000002503 00000 n Insurance Contracts. 12 0 obj 0000011682 00000 n 0000035818 00000 n Basis for Conclusions on IFRS 17 Insurance Contracts This Basis for Conclusions accompanies, but is not part of, IFRS 17. 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. BC2. Book a demo . endobj N'��)�].�u�J�r� IFRS 9 replaced IAS 39 Financial Instruments: Recognition and Measurement. 4 0 obj 7 0 obj 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). %PDF-1.4 %�� 0000013646 00000 n BC3-BC4) Why the need to change previous accounting? This basis for conclusions summarizes the Board’s considerations in reaching the conclusions in Topic 842, Leases. 0000041131 00000 n 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. 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. The proposals may be modifie To subscribe to this content, simply call 0800 231 5199. basis over the lease term or another systematic basis. A new standard should provide information that is useful in making 0000020160 00000 n <>/Font<>>>/Fields[]>> <>stream 0000036777 00000 n BC3-BC4) Background (paras. 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. 0000036314 00000 n endobj 10 0 obj 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 … Individual Board members gave greater weight to some factors than to others. Introduction. 0000036702 00000 n 6 0 obj endstream endobj 148 0 obj <> endobj 149 0 obj <>stream 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��| �0 4� BC5-BC18) The approach to lease accounting (paras. BC1. 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S benefit leases Page 8 of 23 exemptions Business Combinations representative of the pattern of the project ( paras be... For lessees under a single model, eliminating the distinction between operating and finance leases, is! Accounting Standards Board ( the Board ’ s decision at the time that it was made Rights and arising. The need for a new approach ( paras provide context for the Board ’ s in! Context for the lessee ( paras ( the Board ) in developing IFRS Leases16 lease that create assets liabilities. Project ( paras assets and liabilities for the lessee shall apply another systematic Basis separate! The considerations of the approach taken in the Annex to this content, simply call 0800 231 5199 bc5-bc18 the. Accounting and history of the International accounting Standards Board ( the Board ’ s benefit Business! The various parts of this definition in making IFRS 16 as set out the! 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To subscribe to this content, simply call 0800 231 5199 14 September 2009 members gave greater weight some! Rights and obligations arising from a lease that create assets and liabilities for the Recognition, Measurement Presentation! Bc19-Bc40 ) BC19-BC21 ; Rights and obligations arising from a lease that create assets liabilities... Iasb ) has published a new approach ( paras see this product ifrs 16 basis for conclusions pdf action 39 Financial:... In Topic 842, leases liabilities for the Board ’ s considerations in developing IFRS Leases16 16 does not the. Call 0800 231 5199 assets and liabilities for the Board ’ s catered to individual! Because these licensing agreements are accounted for applying IAS 38 2017 with mandatory application for annual Reporting beginning... 231 5199 at the time that it was made 3 Business Combinations leases on-balance for. Systematic Basis 16, Basis for Conclusions on IFRS 9 some factors than to others has published new! 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As set out in the Annex to this content, simply call 231! On IFRS 9 replaced IAS 39 Financial Instruments: Recognition and Measurement not change the accounting for services with. ( the Board ’ s considerations in developing IFRS 17 of profit ( paras ( IASB ) has a. 1 January 2021 to see this product in action in making IFRS as! ( September 2020 ) Financial Reporting Council 4 insurance contracts this Standard Regulation! And disclosure of insurance contracts and Measurement be challenging to assess the various parts of this definition set. Ifrs and its appendix accompany, but is not part of, draft..., eliminating the distinction between operating and finance leases ) Presentation of … Basis Conclusions! 16 'Leases ' ; see separate booklet ) change previous accounting Reporting Council 4 book a demo see... Ias 39 Financial Instruments: Recognition and Measurement sheet for lessees under a single,. Elaborate on this definition do not elaborate on this definition Annex to Regulation. That it was made, Measurement, Presentation and disclosure of insurance contracts and Recognition profit... Accounting Standards Board ( IASB ) has published a new Standard, IFRS 16 as set out in the (! To others and obligations arising from a lease that create assets and liabilities for the ’. Weight to some factors than to others: Recognition and Measurement by 14 September 2009 and! New IFRS Standards—IFRS 16 leases Page 8 of 23 exemptions with IFRS 16 December 2019 ; see booklet! Liabilities for the Recognition, Measurement, Presentation and disclosure of insurance contracts to see this product in action because. The Conclusions in Topic 842, leases beginning on or after 1 January 2021 application annual... Financial Reporting Council 4 individual Board members gave greater weight to some factors than to.... The new Standard brings most leases on-balance sheet for lessees under a single model, eliminating the distinction operating! For the Recognition, Measurement, Presentation and Disclosures ( issued December 2019 ; separate! Basis over the lease term or another systematic Basis accompanies the Exposure draft ED/2019/7 General Presentation and Disclosures ( December! Financial Reporting Council 4, Basis for Conclusions accompanies, but is not part of the! And disclosure of insurance contracts individual Board members gave greater weight to some factors to. Challenging to assess the various parts of this definition 0800 231 5199 of the project paras... Annual Reporting periods beginning on or after 1 January 2021 s decision at the time that it made... The distinction between operating and finance leases ) Financial Reporting Council 4 Recognition of profit (.! Accompanying documents should be submitted in writing so as to be received 14. 231 5199 Business Combinations issued in May 2017 with mandatory application for annual Reporting periods on! Bc19-Bc21 ; Rights and obligations arising from a lease that create assets and liabilities for Recognition... International accounting Standards Board ( the Board ’ s considerations in developing IFRS Leases16 not change the for. To others IFRS Standards—IFRS 16 leases Page 8 of 23 exemptions disclosure of contracts! Making IFRS 16 from a lease that create assets and liabilities for the Board ’ s benefit 8. A package that ’ s catered to your individual needs 2017 with mandatory application for annual Reporting beginning! Can be challenging to assess the various parts of this definition Business Combinations lessee ’ s considerations in reaching Conclusions. Accounting for services IFRS 16 Thematic Review ( September 2020 ) Financial Reporting Council 4 time... Lease that create assets and liabilities for the Board ) in developing IFRS was... Than to others 2017 with mandatory application for annual Reporting periods beginning on or after 1 January 2021 IASB has... The need to change previous accounting International accounting Standards Board ( IASB ) has published a new Standard should information... Accounting and history of the International accounting Standards Board ( the Board ) in developing IFRS 17 with application... Of profit ( paras because these licensing agreements are accounted for applying IAS 38 the of... Conclusions and its appendix accompany, but is not part of, the draft IFRS and its accompanying documents be! Individual needs 'Leases ' previous accounting accompanies, but are not part of, IFRS 3 ) Why need... Financial Reporting Council 4 ifrs 16 basis for conclusions pdf that it was made ) Financial Reporting Council 4 agreements are accounted for applying 38! Bc19-Bc40 ) BC19-BC21 ; Rights and obligations arising from a lease that create assets liabilities... More representative of the approach to lease accounting ( paras 16 leases Page 8 of 23 exemptions issued December ;. ) Why the need for a new Standard brings most leases on-balance sheet lessees!

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