The webinar recording explores the complexities involved in the new leases standard and what this will mean for you.
In this recording of the live webinar, Nexia's Financial Reporting Advisory specialists provide an overview of the new leases standard, review the key differences from the current standard and discuss the next steps for implementing the new requirements.
Webinar recording covers:
- An overview of the new lease model;
- An example of how this works in practice;
- How to prepare for the change; and
- The commercial implications you may need to think about
Next steps
IFRS 16 will be a significant change for lessees. Entities will need to closely review their lease arrangements and may need to form a number of judgements and estimates relating to lease terms; variable lease payments; low value assets; portfolio accounting and more.
Entities should perform a preliminary assessment as soon as possible to determine how their lease accounting will be affected. Entities will also need to consider:
- judgements required in assessing low value leases and portfolio groupings
- the impact on key metrics and ratios, debt covenants or remuneration arrangements
- any changes needed to processes (including internal controls) and systems to collect the necessary information.
For more information on IFRS 16 and how we can assist you implement these new requirements, please contact your local Nexia advisor.
