BC87-BC104), Leases of low-value assets (paras. Individual Board members gave greater weight to some factors than to others. IAS 17 Leases replaced IAS 17 Accounting for Leases that was issued in BC78-BC79), Leases of investment property at fair value (para. BC212-BC230), Overall disclosure objective (paragraph 51) (paras. It includes the reasons for accepting particular views and rejecting others. The maximum number of documents that can be ed at once is 1000. IFRS 16 Leases In April 2001 the International Accounting Standards Board (Board) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC) in December 1997. BC57-BC66), Scope (paragraphs 3-4) (paras. Request a non-obligation demo to find out! The lessee shall apply another systematic basis if that basis is more representative of the pattern of the lessee’s benefit. Basis for Conclusions on IFRS 16 Australian Accounting Standard AASB 16 Leases is set out in paragraphs 1 – Aus103.1 and Appendices A – D. All the paragraphs have equal authority. June 2016 N/A Non-authoritative material added The AcSB added to Part I of the Handbook the Basis for Conclusions and Illustrative The right-of-use asset is treated similarly to other non-fi­nan­cial assets and de­pre­ci­ated ac­cord­ingly and the liability accrues interest. IFRS 16. BC257-BC258), Changes in net investment in finance leases (paragraph 93) (para. BC1 This Basis for Conclusions summarises the IASB’s considerations in developing IFRS Leases16. BC3-BC4), The approach to lease accounting (paras. BC98-BC104), Identifying a lease (paragraphs 9-17) (paras. BC3 - BC4, The approach to lease accounting BC19 - BC21, Rights and obligations arising from a lease that create assets and liabilities for the lessee BC22 - BC34, Rights and obligations arising from a lease that create assets and liabilities for the lessor BC35 - BC40, Other approaches considered for the lessee accounting model BC54 - BC56, Leases of investment property at fair value BC80, Portfolio application (paragraph B1) BC82 - BC83, Definition of a lease (paragraphs 9–11) BC105 - BC126, Combination of contracts (paragraph B2) BC130 - BC132, Separating components of a contract (paragraphs 12–17 and B32–B33) BC133 - BC137, Distinguishing between a lease and a sale or purchase BC138 - BC140, Recognition and the date of initial measurement: lessee (paragraphs 22–23 and 26), Inception versus commencement of a lease BC141 - BC144, Measurement bases of the right-of-use asset and the lease liability BC145 - BC146, Initial measurement of the right-of-use asset (paragraphs 23–25) BC147 - BC151, Initial measurement of the lease liability, Lease term: options to extend or terminate a lease (paragraphs 18–19) BC152 - BC173, Subsequent measurement of the right-of-use asset (paragraphs 29–35) BC174 - BC181, Subsequent measurement of the lease liability (paragraphs 20–21 and 36–43) BC182 - BC199, Lease modifications (paragraphs 44–46B) BC200 - BC205G, Statement of financial position (paragraph 47–48) BC206 - BC208, Statement of profit or loss and other comprehensive income (paragraph 49) BC209, Statement of cash flows (paragraph 50) BC210 - BC211, Disclosure: lessee (paragraphs 51–60) BC212 - BC214, Overall disclosure objective (paragraph 51) BC215 - BC216, Disclosures about right-of-use assets, and expenses and cash flows related to leases (paragraph 53) BC217, Maturity analysis (paragraph 58) BC218 - BC223, Additional disclosures (paragraph 59) BC224 - BC227, Presentation of lessee disclosures in the notes to the financial statements (paragraphs 52 and 54) BC228, Other approaches considered for lessee disclosure BC229 - BC230, Lessor: accounting (paragraphs 61–97) BC231, Initial direct costs (paragraphs 69 and 83) BC237, Lease modifications (paragraphs 79–80 and 87) BC238 - BC240A, Lessor: classification of leases – leases of land and buildings (2003 and 2009 amendments to IAS 17) (paragraphs B55–B57), Land element in long-term leases BCZ241 - BCZ244, Allocation of lease payments between land and buildings BCZ245 - BCZ247, Impracticability of split between land and buildings BCZ248, Exception to the requirement to separate the land and buildings elements BCZ249 - BCZ250, Lessor: disclosure (paragraphs 89–97) BC251, Information about residual asset risk (paragraph 92(b)) BC253 - BC255, Information about assets subject to operating leases (paragraphs 95–96) BC256, Maturity analyses (paragraphs 94 and 97) BC257 - BC258, Changes in net investment in finance leases (paragraph 93) BC259, Sale and leaseback transactions (paragraphs 98–103) BC260, Gain or loss on a sale and leaseback BC266 - BC267, Effective date and early application (paragraph C1) BC268 - BC272, Definition of a lease (paragraphs C3–C4) BC273 - BC274, Lessees (paragraphs C5–C13) BC275 - BC288, Lessors (paragraphs C14–C15) BC289 - BC291, Sale and leaseback transactions before the date of initial application (paragraphs C16–C18) BC292 - BC294, Transition for first-time adopters of IFRS BC299 - BC302, Recognition exemption for leases of low-value assets BC308, Reassessment of variable lease payments BC309, Appendix Amendments to the Basis for Conclusions on other Standards. Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) (August 2020) proposes amendments to this standard with effect for annual reporting periods beginning on or after 1 January 2021. 104-106), Approval by the Board of IFRS 16 Leases issued in January 2016, Approval by the Board of Covid-19-Related Rent Concessions issued in May 2020, Why the need to change previous accounting? BC2-BC8) BC229-BC230), Lessor: accounting (paragraphs 61-97) (paras. BC295-BC302), Business combinations (paras. Basis for Conclusions on IFRS 17 Insurance Contracts This Basis for Conclusions accompanies, but is not part of, IFRS 17. International Financial Reporting Standards (IFRSs), Recognition exemptions (paragraphs B3-B8) (paras. BCZ249-BCZ250), Lessor: disclosure (paragraphs 89-97) (para. IFRS 16.” 7. Earlier application is permitted if IFRS 15 Revenue from Contracts with Customers has also been applied. BC299-BC302), Comparison with FASB decisions (para. 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