This article summarises the key impacts of the proposed changes in Finance (No. 3) Bill 2017-19 (‘Finance Bill 2019’) for lessees using IFRS/FRS 101. Further detail can be found by reading the relevant legislation and background consultative documents which are highlighted in the timeline (see box below). All references are to the Finance Bill 2019 unless stated otherwise.
IFRS 16 will require lessees using IFRS or FRS 101 for periods of account starting on or after 1 January 2019 to capitalise their assets held under operating leases. This will bring a right of use (RoU) asset and a lease liability onto...
