The benefits of IFRS 16 goes beyond transparency and compliance. In this article, we will expand on the advantages that IFRS 16 software support can provide for organizations that have already implemented IFRS 16 and organizations that consider transitioning to IFRS standards in their financial reporting. Centralizing lease management under IFRS 16 brings a structured … Read more
IFRS 16 is an accounting standard introduced by the International Accounting Standards Board (IASB) and which came into force on 1. January 2019. It replaced the accounting standard IAS 17. But what is IFRS 16, and why does it exist? The accounting standard establishes principles for how companies should account for and report lease agreements … Read more
IFRS 16 was introduced by the International Accounting Standards Board (IASB) in 2019. The accounting standard has led to significant changes in the way companies must account for their leases. The biggest change is that the companies that report according to IFRS must now balance most leases, which means accounting for more variables than in … Read more
So far in 2023, seven companies have been listed on the Oslo Stock Exchange, the last of which was Norconsult. On Euronext, which is part of the Oslo Stock Exchange, 55 companies have been listed on the stock exchange. All these businesses are required to account for leasing and rental agreements in the accounts according … Read more
Do you still use Microsoft Excel or similar spreadsheets to manage your leases in accordance with IFRS 16? Do you still use Microsoft Excel or similar spreadsheets to manage your leases in accordance with IFRS 16? IFRS 16 solution vs Excel With a specialized IFRS 16 solution such as ShareControl IFRS 16, you don’t just … Read more
IFRS 16 is a comprehensive accounting standard that requires a good overview and understanding of how lease contracts should be reflected in the accounts. Read some key questions and answers about IFRS 16 assessments and interpretation of lease agreements.
IFRS 16, which entered into force from 1. januar 2019, introduced a comprehensive accounting standard for leases that replaced the previous standard IAS 17. One of the central aspects of IFRS 16 is the determination of the length of the lease period, which has significant implications for the companies’ accounting and financial reporting. IFRS 16 … Read more
Accounting for leases in accordance with IFRS 16 can be a complex task for companies that handle many leases with constant changes. In this article, you can read more about how IFRS 16 differs from previous accounting standards and what challenges and changes it entails for businesses. Furthermore, we want to show how an IFRS … Read more
Written by Terje Glesaaen Determine the discount rate for the lease For IFRS 16, calculating the discount rate and determining the interest rate to be used when discounting leases to determine the lease liability is one of the most important assessments that a lessee must make. Calculation of the discount rate will affect both the … Read more
Written by Terje Glesaaen IFRS 16, which deals with rental contracts (leasing agreements), entails major changes for companies that rent operating assets. The accounting standard has been standard for listed companies since 2019. But to understand the accounting standard, it is important to know what a rental/leasing agreement is. What is a lease agreement? A … Read more
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