IFRS 16

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

Our experiences with IFRS 16 implementation This is an extract from an article written by Terje Glesaaen in collaboration with KPMG partner Serge Fjærvoll. It was published in the professional publication “Revisjon og regnskap” in December 2019. The first part is based on interviews with companies that have undergone a comprehensive implementation of IFRS 16 … Read more

All listed companies are from 1. January 2019 obliged to follow IFRS 16, and for this they need an IFRS 16 solution. ShareControl has developed an IFRS 16 system, integrated in Microsoft 365, which is available in the ALSO Cloud Marketplace and Microsoft App Source. IFRS 16 replaced the previously applicable IAS 17 and must … Read more

For the management of leasing agreements and reporting in accordance with IFRS 16, you will notice over time that Excel is not optimal and not completely reliable. In this article, you can read what opportunities you have with an IFRS 16 software, and why you should replace Excel with IFRS 16 software. Why replace Excel … Read more