IFRS 16 Summary - IFRS 16 Leases || Financial Reporting Lectures (IFRS Summary Videos)

Financial Reporting Lectures (IFRS 16 Summary) - In this International Financial Reporting Standards (IFRS) video, a summary of the accounting standard IFRS 16 Leases has been provided, laying out all the essential points in the standard. This IFRS summary video although comprehensive, does not replace the full IFRS 16 Leases standard issued by the International Accounting Standards Board (IASB). Overview of IFRS 16: IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17 Leases. IFRS 16 was issued in January 2016 and applies to annual reporting periods beginning on or after 1 January 2019. The summary of IFRS 16 Leases in this video also effectively covers the relevant Financial Accounting, Financial Reporting and Advanced Financial Reporting (Corporate Reporting or Strategic Business Reporting) syllabus of all professional accountancy bodies globally (including the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), Certified Public Accountant (CPA) exams, Institute of Chartered Accountants (ICA) exams among several others) as well as any Bachelors and Masters level accounting courses globally. Don't forget to SUBSCRIBE to our channel, because that way, you are guaranteed not to miss any future content. Join us on Telegram: https://telegram.me/accountingwithmsl Facebook:   / accountingwithmsl