The International Accounting Standards Board issued IFRS 16 ‘Leasing’ which superseded IAS 17. Full adoption of the new leasing standard was required by all affected companies from January 2019.
Explain the key differences in accounting for leases under IAS 17 and IFRS 16.
Critically evaluate the implications the new leasing standard, IFRS 16 will have on the financial statements of companies, with particular reference to key accounting ratios and traditional performance measures. Use examples where appropriate.
Identify and discuss some of the key challenges and potential benefits key stakeholders will be presented with following the implementation of IFRS 16.
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