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FAQ concerning IFRS 16 – Lease (part 2)

3 December 2018
Piotr STASZKIEWICZ
Last year we wrote a lot in our blog about the new IFRS 16 standard that significantly changes the concept behind considering contracts in terms of the necessity to disclose transactions in the lessee’s balance sheet.  We are going to continue on this topic, answering another batch of the most frequently asked questions concerning this standard.

FAQ concerning IFRS 16 – Lease (part 1)

26 November 2018
Piotr STASZKIEWICZ
For quite some time now we have been observing the increased activity of entities, asking questions about leases and requesting the analysis of contracts they have signed to use specific assets, be it lease or rental.

IFRS 16 – a couple of words about the new standard. Definition of a lease contract (part 8)

7 May 2018
Piotr STASZKIEWICZ
Much has been said so far about possible exclusions from the new standard, the valuation of assets and liabilities, discount, implementation of the new standard or lease components. Another issue that should be considered on the so-called inception date is the definition of a lease contract. According to IFRS 16, a contract is a lease if, in return for payment, it has the right to exercise control, including but not limited to obtaining economic benefits, over the use of an identified asset for an agreed period of time.

IFRS 16 – a couple of words about the new standard. First-time adoption (part 7)

30 April 2018
Piotr STASZKIEWICZ
In the last article we mentioned that individuals may apply the new standard in the same way as other new standards – with a full retrospective approach. The modified retrospective approach may be of much greater interest. We cannot forget the opening balance adjustment completely, nevertheless the International Accounting Standards Board agreed to significant savings in time and costs when changing standards and implementing IFRS 16 by limiting the restatement of comparative years.

MSSF/IFRS 16 – several words regarding the application of the standard for the first time (part 6)

23 April 2018
Piotr STASZKIEWICZ
We previously focused on establishing and discussing the leasing and non-leasing components and on how to divide fees between these parts of the contract. The following articles will cover topics related to the modifications of lease contracts and variable fees. We receive many queries about IFRS 16 and the application of the new regulations as of 1 January 2019, so let us start by looking at the application of the standard for the first time.

MSSF/IFRS 16 – a few words on the new standard (part 5)

15 March 2018
Piotr STASZKIEWICZ
Previously, we focused on the establishing of the starting value of the right to use an asset. We have mentioned the fact that the value of the obligation should be discounted. And how to calculate the discount? What rate of discount to apply?

MSSF/IFRS 16 – a few words on the new standard (part 4)

8 March 2018
Piotr STASZKIEWICZ
In the previous parts, we were discussing theoretical aspects related to leasing and the new standard, among others: whom it concerns, what the exemptions are and when the commencement of leasing shall take place. The next issue to be discussed is the establishing of the starting value as well as the amortization rate.

MSSF/IFRS 16 – several words regarding the new standard (part 3)

11 December 2017
Ewa KĄDZIELA
In the previous part of our considerations, we raised the issue of simplifications in the application of IFRS 16, when assets and liabilities are not recognized. Entities benefitting from the simplifications charge payments directly into costs - usually, on a straight-line basis over the period of the lease. Operating leases are settled in a similar manner (in accordance with the IAS 17 regulations, still in effect). For the record, below please find a handful of information.

MSSF/IFRS 16 – several words regarding the new standard (part 2)

4 December 2017
Piotr STASZKIEWICZ
In the previous article devoted to leasing, several sample questions were asked by members of management boards and accountants regarding the recognition, valuation and presentation of leasing under the new IFRS 16 standard. Below please find the answers to the inquiries received.

MSSF/IFRS 16 – several words regarding the new standard (part 1)

27 November 2017
Piotr STASZKIEWICZ
For several months now, we have been noticing an increased activity among entities in the area of inquiries regarding the issue of leasing, as well as the analysis of contracts they signed for the use of certain assets – be it in the form of a lease, rental or tenancy. The emerging questions have hastened the decision to write several entries about the new IFRS 16 standard.