{"id":12167,"date":"2023-12-22T05:25:52","date_gmt":"2023-12-22T05:25:52","guid":{"rendered":"https:\/\/sharecontrol.io\/uncategorized\/what-is-ifrs-16\/"},"modified":"2024-08-05T13:45:44","modified_gmt":"2024-08-05T13:45:44","slug":"what-is-ifrs-16","status":"publish","type":"post","link":"https:\/\/sharecontrol.io\/en\/ifrs-16-en\/what-is-ifrs-16\/","title":{"rendered":"What is IFRS 16?"},"content":{"rendered":"\n<p><strong><strong>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.<\/strong><\/strong> <strong>But what is IFRS 16, and why does it exist?<\/strong><\/p>\n\n<p><strong>The accounting standard establishes principles for how companies should account for and report lease agreements in the accounts. <\/strong><\/p>\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<h1 class=\"wp-block-heading\" id=\"what-is-ifrs-16\">What is IFRS 16?<\/h1>\n<p>IFRS is a set of accounting standards published by <a href=\"https:\/\/www.ifrs.org\/supporting-implementation\/supporting-materials-by-ifrs-standards\/\" target=\"_blank\" rel=\"noreferrer noopener\">The International Financial Reporting Standards Foundation<\/a>. The accounting standard contains standards for different operational areas, including <a href=\"https:\/\/www.ifrs.org\/supporting-implementation\/supporting-materials-by-ifrs-standards\/ifrs-16\/\" target=\"_blank\" rel=\"noreferrer noopener\">accounting for leasing agreements (IFRS 16)<\/a>.<\/p>\n\n<p>The main rule is that according to IFRS 16 leases, companies must enter all leases on the balance sheet and present the right-of-use asset and lease liability in the balance sheet. There are a few exceptions that we will tell you more about later in the article. <\/p>\n\n<p>IFRS 16 is a standard that establishes principles for how companies should account for and report <a href=\"https:\/\/sharecontrol.io\/en\/ifrs-16-en\/ifrs-16-leasing-agreement-what-is-a-leasing-agreement\/\">lease agreements<\/a> in the accounts. The purpose of the standard is to ensure transparent accounts across companies, so that you can see the lease agreements in the accounts to a greater extent than before.<\/p>\n\n<p><strong>This means that companies according to IFRS 16 must:<\/strong><\/p>\n\n<ul class=\"wp-block-list\">\n<li>Balance the asset and liability in the balance sheet. <\/li>\n\n\n\n<li>Recognize depreciation of the asset and the interest expense in the income statement. <\/li>\n\n\n\n<li>Classify repayment of the lease liability under financing activities. <\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\" id=\"lease-agreements\">Lease agreements<\/h3>\n<p>Leasing is a common way for many businesses to gain access to assets, obtain financing and reduce the risk associated with owning the asset. Assets can be office buildings, cars, machinery and the like.<\/p>\n\n<p><a href=\"https:\/\/sharecontrol.io\/en\/ifrs-16-en\/ifrs-16-leasing-agreement-what-is-a-leasing-agreement\/\">A leasing agreement<\/a> is an agreement between lessor and lessee, where the right to use the asset is transferred to the lessee for a fee. This means that the leasing company owns the equipment, while the lessee pays for the right to use the asset. a lease agreement is therefore the opposite of buying the asset, where you often have loan financing, where the company pays off the loan during the period they own the equipment. <\/p>\n\n<p><strong>We distinguish between 2 different types of leasing agreements:<\/strong><\/p>\n\n<ul class=\"wp-block-list\">\n<li>Financial leasing &#8211; The company pays off the entire investment over the term of the agreement, e.g. fixed assets. <\/li>\n\n\n\n<li>Operational leasing &#8211; The company pays down to an agreed residual value. This is common in car leasing agreements or house rental agreements. <\/li>\n<\/ul>\n\n<p>After the end of the leasing period, it is common for the lessee to return the equipment in its entirety, buy out the equipment or continue the lease. Whether the company should lease or buy the asset depends on various parameters &#8211; <a href=\"https:\/\/danskebank.no\/nyheter\/tips-og-raad-til-din-bedrift\/kjoepe-eller-lease\" target=\"_blank\" rel=\"noreferrer noopener\">we recommend reading Danskebank&#8217;s guide here<\/a>.<\/p>\n\n<p><a href=\"https:\/\/sharecontrol.io\/ifrs-16\/finansiell-leasing-slik-skal-det-behandles-i-regnskapet\/\">Les mer om finansielle leasing her<\/a>.<\/p>\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<h2 class=\"wp-block-heading\" id=\"who-must-report-according-to-ifrs-16\">Who must report according to IFRS 16?<\/h2>\n<p>Listed companies are obliged to prepare consolidated accounts according to IFRS. In Norway, it also applies to listed companies that are not part of a group. Companies with debt securities on the Oslo Stock Exchange are also obliged to use IFRS. <\/p>\n\n<p>Other companies also like to report according to IFRS, e.g. if the parent company is obliged to follow the standard. <\/p>\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<div class=\"wp-block-uagb-image uagb-block-638462e5 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><img decoding=\"async\" srcset=\"https:\/\/sharecontrol.io\/wp-content\/uploads\/2023\/12\/IFRS_16_Stock.jpg ,https:\/\/sharecontrol.io\/wp-content\/uploads\/2023\/12\/IFRS_16_Stock.jpg 780w, https:\/\/sharecontrol.io\/wp-content\/uploads\/2023\/12\/IFRS_16_Stock.jpg 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/sharecontrol.io\/wp-content\/uploads\/2023\/12\/IFRS_16_Stock.jpg\" alt=\"\" class=\"uag-image-11881\" width=\"1024\" height=\"577\" title=\"\" loading=\"lazy\" role=\"img\"><\/figure><\/div>\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<h3 class=\"wp-block-heading\" id=\"changes-with-ifrs-16\">Changes with IFRS 16<\/h3>\n<p>The previous standard for leases (IAS 17) stipulated that the lessee did not have to include the liability of the lease in the balance sheet if the agreement could be classified as operational. In this way, relatively similar leases could be classified differently in that some were entered on the balance sheet and some were not, despite the fact that they were economically similar. It is assumed today that approx. 80% of all leases under IAS 17 were classified as operational and therefore omitted from the balance in the accounts. <\/p>\n\n<p>With the introduction of IFRS 16, the agreements must no longer be classified as operational or financial. This therefore means that most agreements must now be entered in the balance sheet, with a few exceptions. Companies with large and many lease agreements will therefore experience a big difference in the handling of lease agreements and its impact on the accounts with IFRS 16. <\/p>\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<h3 class=\"wp-block-heading\" id=\"ias-17\">IAS 17<\/h3>\n<p>IAS 17 is an accounting standard which since September 1981 has been central for listed companies in relation to the accounting of lease agreements. The standard determined the accounting treatment of leasing agreements and distinguished between two types of agreements &#8211; financial and operational leasing. <\/p>\n\n<ul class=\"wp-block-list\">\n<li>The financial leasing is defined as an agreement where significant risks and benefits relating to the asset are transferred to the lessee, regardless of whether ownership is transferred back after the lease period. <\/li>\n\n\n\n<li>The operational lease is defined as any leasing contract that does not fall under a financial lease. <\/li>\n<\/ul>\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<h2 class=\"wp-block-heading\" id=\"exemption-from-ifrs-16\">Exemption from IFRS 16<\/h2>\n<p>IFRS 16 contains simple exceptions for when you can fail to balance the lease agreements. This applies if the leases are of a short-term nature or if the leased asset has a low value (purchase value). In these cases, the lease can be recognized in the profit and loss rather than recognized in the balance sheet. <\/p>\n\n<p><strong>It must always be stated in the notes about the exceptions used in the accounts.<\/strong> <\/p>\n<h3 class=\"wp-block-heading\" id=\"shortterm-rental-agreement\">Short-term rental agreement<\/h3>\n<p>According to IFRS 16, short-term leases are applicable to leases that have a <a href=\"https:\/\/sharecontrol.io\/en\/ifrs-16-en\/ifrs-16-length-of-the-lease-period\/\" target=\"_blank\" rel=\"noreferrer noopener\">lease period<\/a> of a maximum of 12 months. There shall be no options for extending the agreement or details of the acquisition of the asset after the end of the lease period. If there are options such as extension or acquisition, the probability that companies will take advantage of the opportunities must be very low. <\/p>\n<h3 class=\"wp-block-heading\" id=\"low-value-assets\">Low value assets<\/h3>\n<p>To assess the value of an asset, the starting point must always be the value for a new item and without the actual age at the time of hire. For example, a 5-year-old car must be considered the value of an equivalent new car at the time of hire. What is considered a low value in terms of amount does not appear in the standard, but is estimated at USD 5,000. <\/p>\n\n<p>The exception according to IFRS 16 does not apply to obligations that are significant overall, typically: rental of property, cars and ships. Properties with a low value such as tablets, telephones and the like are classified as low value according to IFRS 16. The exceptions also do not apply if <a href=\"https:\/\/sharecontrol.io\/ifrs-16\/fremleie-og-ifrs-16\/\" target=\"_blank\" rel=\"noreferrer noopener\">the asset is subleased.<\/a> <\/p>\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"968\" src=\"https:\/\/sharecontrol.io\/wp-content\/uploads\/2023\/12\/Impact_of_lease_accounting_ifrs_16-1024x968.png\" alt=\"Impact of lease accounting under IFRS 16\" class=\"wp-image-11877\" srcset=\"https:\/\/sharecontrol.io\/wp-content\/uploads\/2023\/12\/Impact_of_lease_accounting_ifrs_16-1024x968.png 1024w, https:\/\/sharecontrol.io\/wp-content\/uploads\/2023\/12\/Impact_of_lease_accounting_ifrs_16-300x284.png 300w, https:\/\/sharecontrol.io\/wp-content\/uploads\/2023\/12\/Impact_of_lease_accounting_ifrs_16-768x726.png 768w, https:\/\/sharecontrol.io\/wp-content\/uploads\/2023\/12\/Impact_of_lease_accounting_ifrs_16-1536x1452.png 1536w, https:\/\/sharecontrol.io\/wp-content\/uploads\/2023\/12\/Impact_of_lease_accounting_ifrs_16.png 1653w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<h2 class=\"wp-block-heading\" id=\"tool-for-handling-ifrs-16\">Tool for handling IFRS 16<\/h2>\n<p>The biggest and most difficult job with IFRS 16 can be automated and simplified. IFRS 16 requires extensive calculation and classification of data, which often takes a long time with <a href=\"https:\/\/sharecontrol.io\/en\/ifrs-16-en\/sharecontrol-ifrs-16-vs-excel-here-are-the-benefits\/\" target=\"_blank\" rel=\"noreferrer noopener\">manual processes such as using Excel<\/a>. With <a href=\"https:\/\/sharecontrol.io\/en\/ifrs-16-en\/difficult-to-choose-ifrs-16-software\/\" target=\"_blank\" rel=\"noreferrer noopener\">the right IFRS 16 management software<\/a>, you can ensure accurate reporting while saving time. <\/p>\n<h3 class=\"wp-block-heading\" id=\"sharecontrol-ifrs-16\">ShareControl IFRS 16<\/h3>\n<p>ShareControl IFRS 16 allows users to streamline the handling of IFRS 16 as the system makes the most difficult calculation and always ensures correct calculations. With automatic calculations and a guided process throughout the process, you ensure accurate financial reporting according to IFRS 16. <\/p>\n\n<p>The IFRS 16 solution guides the user through the handling, so that the identification and classification of leases is easier than ever. ShareControl IFRS 16 will also calculate the value of the asset for right of use at the start of the lease. This includes the initial amount of the lease liability, in addition to any lease payments made at or before the start of the lease, less any lease incentives received. <\/p>\n\n<p><a href=\"https:\/\/sharecontrol.io\/en\/products\/ifrs-16-system\/\"><strong>Read more about ShareControl IFRS 16 here &gt;&gt;<\/strong><\/a><\/p>\n<h3 class=\"wp-block-heading\" id=\"guide-to-ifrs\">Guide to IFRS<\/h3>\n<p>IFRS 16 can be a complicated and time-consuming process. With a good system for handling the regulations, you ensure accurate reporting and compliance with IFRS 16, while making your time more efficient. <\/p>\n\n<p>To understand the legislation and how you can report according to IFRS 16, our user manual can be read &#8211; if you want to read it now, <a href=\"https:\/\/sharecontrol.io\/en\/contact-us\/\">contact us<\/a>. You can otherwise <a href=\"https:\/\/sharecontrol.io\/en\/category\/ifrs-16-en\/\" target=\"_blank\" rel=\"noreferrer noopener\">read more about IFRS 16 here<\/a>. <\/p>\n\n<p>There is also a lot of information about IFRS 16 from other specialist books and articles published by, among others, <a href=\"https:\/\/www.ey.com\/en_gl\" target=\"_blank\" rel=\"noreferrer noopener\">EY&#8217;s<\/a> <a href=\"https:\/\/www.fagbokforlaget.no\/IFRS-i-Norge,-8.-utgave\/I9788245025279\" target=\"_blank\" rel=\"noreferrer noopener\">&#8220;IFRS in Norway, 8th edition&#8221;<\/a> and <a href=\"https:\/\/www.ey.com\/en_gl\/ifrs-technical-resources\/a-closer-look-at-ifrs-16-leases-updated-december-2020\" target=\"_blank\" rel=\"noreferrer noopener\">&#8220;A closer look at IFRS 16 Leases (updated December 2020)&#8221;<\/a>, <a href=\"https:\/\/www.pwc.no\/no\/publikasjoner\/regnskapsf%C3%B8ring-av-leiekontrakter-etter-ifrs-16.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">PwC<\/a>, <a href=\"https:\/\/assets.kpmg.com\/content\/dam\/kpmg\/xx\/pdf\/2021\/03\/leases-overview.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">KPMG<\/a>, Deloitte and <a href=\"https:\/\/www.ifrs.org\/issued-standards\/list-of-standards\/ifrs-16-leases\/\" target=\"_blank\" rel=\"noreferrer noopener\">IFRS org<\/a>.<\/p>\n<h4 class=\"wp-block-heading\" id=\"implementation-of-ifrs-16-software\">Implementation of IFRS 16 software<\/h4>\n<p><a href=\"https:\/\/sharecontrol.io\/en\/ifrs-16-en\/implementation-of-ifrs-16-before-listing\/\">Implementing the accounting standard<\/a> can be a complicated process, but with the right method &#8211; you can streamline large parts of the processes. This also ensures a correct upload of your leases, which is crucial at the start of reporting. We at <a href=\"https:\/\/sharecontrol.io\/en\/our-history\/\">Share Control<\/a> have extensive experience in helping our customers to be IFRS 16 compliant.<\/p>\n<div class=\"gb-container gb-container-3ede9129\"><div class=\"gb-inside-container\">\n\n<h3 class=\"gb-headline gb-headline-07023119 gb-headline-text\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-base-3-color\">F\u00e5 en demonstrasjon av IFRS 16<\/mark><\/h3>\n\n\n\n<div class=\"wp-block-uagb-modal uagb-block-5eddb14a uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-spectra-button-wrapper wp-block-button\"><a class=\"uagb-modal-button-link wp-block-button__link uagb-modal-trigger\" href=\"#\" onclick=\"return false;\" target=\"_self\" rel=\"noopener noreferrer\"><span class=\"uagb-modal-content-wrapper\"><span class=\"uagb-inline-editing\">Book demo<\/span><\/span><\/a><\/div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-5eddb14a\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\">\n<script charset=\"utf-8\" type=\"text\/javascript\" src=\"\/\/js-eu1.hsforms.net\/forms\/embed\/v2.js\"><\/script>\n<script>\n  hbspt.forms.create({\n    region: \"eu1\",\n    portalId: \"25744173\",\n    formId: \"234eb946-d556-42cf-a727-635ace60bc46\"\n  });\n<\/script>\n<\/div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"><\/path><\/svg><\/div><\/div><\/div><\/div>\n\n<\/div><\/div>\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<div class=\"gb-container gb-container-c814f759\"><div class=\"gb-inside-container\">\n<h2 class=\"gb-headline gb-headline-6b7d44d8 gb-headline-text\" id=\"frequently-asked-questions-about-the-ifrs-16-system\">Frequently asked questions about the IFRS 16 system<\/h2>\n\n<div class=\"wp-block-uagb-faq uagb-faq__outer-wrap uagb-block-d7058728 uagb-faq-icon-row-reverse uagb-faq-layout-accordion uagb-faq-expand-first-true uagb-faq-inactive-other-true uagb-faq__wrap uagb-buttons-layout-wrap uagb-faq-equal-height     \" data-faqtoggle=\"true\" role=\"tablist\"><script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\\\/\\\/sharecontrol.io\\\/en\\\/ifrs-16-en\\\/what-is-ifrs-16\\\/\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is the IFRS 16 regulation? \",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"IFRS 16 is an international accounting standard for leases. It introduces a simple accounting model for lessees, which requires almost all leases to be recorded on the balance sheet, giving a more accurate picture of a company's financial situation.\"}},{\"@type\":\"Question\",\"name\":\"Where does IFRS 16 apply?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"IFRS 16 applies to companies that report according to the International Accounting Standards (IFRS) and affects their accounting and financial processes, systems and financial reporting. Basically, this applies to listed companies and companies with debt securities on the Oslo Stock Exchange. However, it is common to include IFRS 16, if the company is to report to companies that are obliged under IFRS 16, even if the company itself does not meet the requirements.\"}},{\"@type\":\"Question\",\"name\":\"How do you explain IFRS 16?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"IFRS 16 requires companies to register all leases on the balance sheet as assets and liabilities. This includes the identification and classification of leases, and the calculation of lease liability and asset for right of use. The system ensures accurate calculation and reporting of these values.\"}},{\"@type\":\"Question\",\"name\":\"What is the condition for IFRS 16?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The condition for IFRS 16 is that all leases, with a few exceptions, must be entered on the balance sheet. This includes an accurate assessment of the lease term, payment schedule, interest rate and other relevant information to calculate the lease liability and the asset for right of use \"}}]}<\/script><div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-5fd5f1c4 \" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\">\t\t\t<span class=\"uagb-icon uagb-faq-icon-wrap\">\n\t\t\t\t\t\t\t\t<svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox= \"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"><\/path><\/svg>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"uagb-icon-active uagb-faq-icon-wrap\">\n\t\t\t\t\t\t\t\t<svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox= \"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"><\/path><\/svg>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t<span class=\"uagb-question\">What is the IFRS 16 regulation? <\/span><\/div><div class=\"uagb-faq-content\"><p>IFRS 16 is an international accounting standard for leases. It introduces a simple accounting model for lessees, which requires almost all leases to be recorded on the balance sheet, giving a more accurate picture of a company&#8217;s financial situation.<\/p><\/div><\/div><div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-3b6dcbbe \" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\">\t\t\t<span class=\"uagb-icon uagb-faq-icon-wrap\">\n\t\t\t\t\t\t\t\t<svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox= \"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"><\/path><\/svg>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"uagb-icon-active uagb-faq-icon-wrap\">\n\t\t\t\t\t\t\t\t<svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox= \"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"><\/path><\/svg>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t<span class=\"uagb-question\">Where does IFRS 16 apply?<\/span><\/div><div class=\"uagb-faq-content\"><p>IFRS 16 applies to companies that report according to the International Accounting Standards (IFRS) and affects their accounting and financial processes, systems and financial reporting. Basically, this applies to listed companies and companies with debt securities on the Oslo Stock Exchange. However, it is common to include IFRS 16, if the company is to report to companies that are obliged under IFRS 16, even if the company itself does not meet the requirements.<\/p><\/div><\/div><div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-7d447f00 \" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\">\t\t\t<span class=\"uagb-icon uagb-faq-icon-wrap\">\n\t\t\t\t\t\t\t\t<svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox= \"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"><\/path><\/svg>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"uagb-icon-active uagb-faq-icon-wrap\">\n\t\t\t\t\t\t\t\t<svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox= \"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"><\/path><\/svg>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t<span class=\"uagb-question\">How do you explain IFRS 16?<\/span><\/div><div class=\"uagb-faq-content\"><p>IFRS 16 requires companies to register all leases on the balance sheet as assets and liabilities. This includes the identification and classification of leases, and the calculation of lease liability and asset for right of use. The system ensures accurate calculation and reporting of these values.<\/p><\/div><\/div><div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-201aab85 \" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\">\t\t\t<span class=\"uagb-icon uagb-faq-icon-wrap\">\n\t\t\t\t\t\t\t\t<svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox= \"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"><\/path><\/svg>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"uagb-icon-active uagb-faq-icon-wrap\">\n\t\t\t\t\t\t\t\t<svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox= \"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"><\/path><\/svg>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t<span class=\"uagb-question\">What is the condition for IFRS 16?<\/span><\/div><div class=\"uagb-faq-content\"><p>The condition for IFRS 16 is that all leases, with a few exceptions, must be entered on the balance sheet. This includes an accurate assessment of the lease term, payment schedule, interest rate and other relevant information to calculate the lease liability and the asset for right of use <\/p><\/div><\/div><\/div>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>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 &#8230; <a title=\"What is IFRS 16?\" class=\"read-more\" href=\"https:\/\/sharecontrol.io\/en\/ifrs-16-en\/what-is-ifrs-16\/\" aria-label=\"Read more about What is IFRS 16?\">Read more<\/a><\/p>\n","protected":false},"author":5,"featured_media":11894,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[31],"tags":[55],"class_list":["post-12167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ifrs-16-en","tag-ifrs-16-en","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is IFRS 16 | Accounting of lease agreements<\/title>\n<meta name=\"description\" content=\"What is IFRS 16 | IFRS 16 can be a complicated accounting standard for lease agreements to get to grips with. 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The accounting standard establishes principles for how companies should account for and report lease agreements&hellip;","_links":{"self":[{"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/posts\/12167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/comments?post=12167"}],"version-history":[{"count":6,"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/posts\/12167\/revisions"}],"predecessor-version":[{"id":14935,"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/posts\/12167\/revisions\/14935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/media\/11894"}],"wp:attachment":[{"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/media?parent=12167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/categories?post=12167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sharecontrol.io\/en\/wp-json\/wp\/v2\/tags?post=12167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}