IFRS 16: The leases standard is changing - Are you ready?

The IASB has published IFRS 16 – the new leases standard. It comes into effect on 1 January 2019. Virtually every company uses rentals or leasing as a means to obtain access to assets and will therefore be affected by the new standard.

The earlier you begin to understand what impact the new standard may have on your organisation the better prepared you will be to iron out potential issues and reduce implementation costs and compliance risk.

A new era of lease accounting

14/01/16 - The new lease accounting standard (IFRS 16 – Leases) will require lessees to bring most leases onto companies’ balance sheets. It has been an area of hot debate for many years whether leases should be on or off balance sheet.

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Helen Wise

Director, PwC South Africa

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