IFRS 16 takes a new approach to accounting for leases, called the ‘right-of-use’ model. This means that if a company has control over, or right to use, an asset they are renting, it is classified as a lease for accounting purposes and must be recognized on the company’s balance sheet. The objective is to ensure that companies report information for all of their leased assets in a standardized way and bring transparency on companies’ lease assets and liabilities.
Register IFRS 16 contracts
Register your IFRS 16 contracts and benefit from our detailed IFRS 16 reports
Step 1: Create a new leasing contract
Step 2: Register payment schedule with IFRS 16 classification
Step 3: Enter lease terms on the contract
Step 4: Add initial assessment
Reports:
IFRS-16 videos
Watch our IFRS-16 videos for registering and management of IFRS-16 contracts.
More possibilities
Do you want to register a sublease, a purchase option or a scheduled price adjustment? Find answers to these and many other questions here.
How to enter existing lease contracts after converting
How to register a sublease structure
How to register a purchase option
How to register planned extensions and stops
How to register sudden and unforeseen terminations
How to perform a new initial assessment
How to handle reassessment and modifications