They illustrate aspects of IFRS 16 but are not intended to provide interpretative guidance. For more detail on the disclosure requirements and for illustrative disclosures download the full IFRS 16 - Presentation and disclosure article. IFRS 16 Leases requires lessees to recognise new assets and liabilities under an on-balance sheet accounting model that is similar to current finance lease accounting. IFRS 13 excel examples: fair value of a customer base calculated using multi-period excess earnings method; IFRS 16 excel examples: initial measurement of the right-of-use asset and lease liability; initial … . depreciation expense (on the right-of-use asset). IFRS 16.BC215–BC216 Entities should focus on the disclosure … After a slow and tentative start, the OECD’s push for a solution on how to allocate and tax the profits from digital business is gathering momentum. The only change for lessors under IFRS 16 is the enhancement of disclosures. These reflect changes to IFRS effective for year ending 31 December 2019. Cyber threats continue to soar. IFRS 16 contains both quantitative and qualitative disclosure requirements. GTIL and the member firms are not a worldwide partnership. Uncertainty is mounting for technology, media and telecommunications (TMT) businesses amidst a turbulent economic and political backdrop, according to the latest research from Grant Thornton. The model financial statements of International GAAP Holdings Limited for the year ended 31 December 2020 are intended to illustrate the presentation and disclosure requirements of IFRS Standards without the use of any actual numbers. To achieve that objective, lessees and lessors disclose both qualitative and quantitative information. Extensive disclosures are also required by the new Standard. GTIL does not provide services to clients. Share with your friends. IE1 These examples portray hypothetical situations illustrating how an entity might apply some of the requirements in IFRS 16 … Our privacy policy has been updated since the last time you logged in. The areas in which we have made significant changes to presentation and disclosure … IFRS 16: Taking a closer look at sale and leaseback transactions. Our illustrative disclosures … These examples illustrate the presentation and disclosure requirements in those Standards. GTIL and each member firm is a separate legal entity. The Standard explains how this information should be presented on the face of the statements and what disclosures are required. Where a lessee chooses not to present its right-of-use assets separately on the face of the balance sheet, they must be presented in the same line item that would be used if the underlying asset were owned. IFRS 16: Lessee accounting - recognition of the right-of-use asset. TMT outlook: Can tech spend buoyancy keep the industry airborne? Sector-specific disclosures … Such concessions might take a variety of … Member firms of the KPMG network of independent firms are affiliated with KPMG International. We want to make sure you're kept up to date. This guide illustrates the modified retrospective approach, using a number of the practical expedients available under this approach, and the retrospective method. IFRS 16 contains both quantitative and qualitative disclosure requirements. IFRS 16: Transition for lessees. When it comes to the notes, the Standard tends to focus on the details of the information to be provided, leaving it to preparers to decide on the most meaningful way to present it. As a result, your specific disclosures may not look exactly the same as the ones we’ve chosen. In compiling the illustrative disclosures, we have made a number of assumptions in relation to the adoption of IFRS 16. 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