endobj This Basis for Conclusions accompanies, but is not part of, IFRS 16. Z�s�^pY��� 0000003050 00000 n This Basis for Conclusions and its appendix accompany, but are not part of, IFRS 3. 0000018731 00000 n 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. 0000002836 00000 n It includes the reasons for accepting particular views and rejecting others. Basis for Conclusions on IFRS 3 Business Combinations . Individual Board members gave greater weight to some factors than to others. 0000021020 00000 n 0000019664 00000 n <> Basis for Conclusions on IFRS 15 Revenue from Contracts with Customers This Basis for Conclusions accompanies, but is not part of, IFRS 15. <>/Metadata 7 0 R/Outlines 8 0 R/Pages 250 0 R/StructTreeRoot 3379 0 R/Type/Catalog/ViewerPreferences<>>> Prospective amendments. BC1-BC2) Overview (paras. But, in practice, it can be challenging to assess the various parts of this definition. 0000020772 00000 n It summarises the considerations of the International Accounting Standards Board (the Board) in developing IFRS 17. IFRS 16 BASIS FOR CONCLUSIONS ஽ IFRS Foundation25 27. Individual Board members gave greater weight to some factors than to others. %PDF-1.7 %���� Basis for Conclusions on IFRS 15 Revenue from Contracts with Customers This Basis for Conclusions accompanies, but is not part of, IFRS 15. endobj �0 4� The lessee shall apply another systematic basis if that basis is more representative of the pattern of the lessee’s benefit. QF��.��,�1�0u0;:�)X|�nHgc`(�����.�i0�;7(�0�ٔԎ+��dt�vO�*(e�#�'�C� � @�R�)�P�:@���,z�_` �(� 1 0 obj BC2. 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$5,000. 0000026186 00000 n Chapter 3 Overview of IFRS 16 7 Chapter 4 Applicability of IFRS 16 for public sector reporting entities 8 Chapter 5 Proposed amendments to the Government Financial Reporting Manual 30 Chapter 6 National Accounts 39 Annex A Data Request 41 . <> trailer endstream endobj 145 0 obj <>>>/Metadata 142 0 R/Outlines 117 0 R/PageLayout/TwoColumnRight/Pages 138 0 R/Type/Catalog/ViewerPreferences<>>> endobj 146 0 obj <>/XObject<>>>/Rotate 0/Tabs/W/Thumb 118 0 R/TrimBox[0.0 0.0 841.89 595.276]/Type/Page>> endobj 147 0 obj <>stream 0000037345 00000 n This is because these licensing agreements are accounted for applying IAS 38. (paras. 7 0 obj H�*��w6PH/��w�5Pp�� 0000040120 00000 n In this Basis for Conclusions the terminology has not been amended to reflect the changes made by IAS 1 Presentation of Financial Statements (as revised in 2007). The need to change previous accounting and history of the project (paras. Basis For Conclusions on IFRS 16 Disclosure: Consequently, IFRS 16 requires a lessee to disclose: (a) the carrying amount of right-of-use assets, and depreciation charge for those assets, split by class of underlying asset. 10 0 obj �x������- �����[��� 0����}��y)7ta�����>j���T�7���@���tܛ�`q�2��ʀ��&���6�Z�L�Ą?�_��yxg)˔z���çL�U���*�u�Sk�Se�O4?׸�c����.� � �� R� ߁��-��2�5������ ��S�>ӣV����d�`r��n~��Y�&�+`��;�A4�� ���A9� =�-�t��l�`;��~p���� �Gp| ��[`L��`� "A�YA�+��Cb(��R�,� *�T�2B-� 0000026302 00000 n 0000024829 00000 n n�3ܣ�k�Gݯz=��[=��=�B�0FX'�+������t���G�,�}���/���Hh8�m�W�2p[����AiA��N�#8$X�?�A�KHI�{!7�. The new standard brings most leases on-balance sheet for lessees under a single model, eliminating the distinction between operating and finance leases. 0000002936 00000 n IFRS 16 does not change the accounting for services. establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. 0000035174 00000 n 0000038949 00000 n (IFRS for SMEs) Basis for Conclusions. 0000036314 00000 n 0000019148 00000 n 0000005737 00000 n %PDF-1.4 %���� Basis for Conclusions on IFRS 16 Leases . startxref > H���yTSw�oɞ����c [���5la�QIBH�ADED���2�mtFOE�.�c��}���0��8�׎�8G�Ng�����9�w���߽��� �'����0 �֠�J��b� 0000035818 00000 n �ꇆ��n���Q�t�}MA�0�al������S�x ��k�&�^���>�0|>_�'��,�G! 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. <> The Standard and the Basis for Conclusions do not elaborate on this definition. 0000035743 00000 n 0000002301 00000 n IFRS 16 Thematic Review (September 2020) Financial Reporting Council 4. 0000038391 00000 n 0000005700 00000 n 6 0 obj endobj with IFRS 16 as set out in the Annex to this Regulation. BASIS FOR CONCLUSIONS ON IFRS 16 LEASES (see separate booklet) INTERNATIONAL FINANCIAL REPORTING STANDARD 3 IFRS Foundation. endobj Individual board members gave greater weight to some factors than to others. BC1. endobj 0000040663 00000 n 3 0 obj 0000020408 00000 n BC19-BC40) BC19-BC21; Rights and obligations arising from a lease that create assets and liabilities for the lessee (paras. 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