Don't Neglect This One Aspect Of IFRS 16 (Leases)!
As I'm sure everyone is well aware, IFRS 16 is now effective for annual periods beginning on or after 1 January 2019. Although for most of you this means a very real impact only in your 2019 financial statements, there are the (un)lucky few that have to prepare half year reports. But even before we hit that mark, there is the future impact assessmentrequired in everybody's current financial statements.
What's the requirement?
It all starts with IAS 8 Accounting policies, Changes in Accounting Estimates and Errors. Paragraph 30 to be exact:
When an entity has not applied a new IFRS that has been issued but is not yet effective, the entity shall disclose:
this fact; and known or reasonably estimable information relevant to assessing the possible impact that application of the new IFRS will have on the entity's financial statements in the period of initial application. Taken literally, the standard clearly indicates that companies should be disclosing an impact assessment on the expected effects of IFRS 16 on their financial statements.
This involves two things:
a discussion of the impact that initial application of the IFRS is expected to have, i.e. qualitative information the estimated financial impact in terms of figures, graphs, ratiosi.e. quantitative information It would seem that the only uncertainty lies in the level of detail required.
Yes, it's necessary!
Another standard that goes hand in hand with IAS 8 is IAS 1 Presentation of Financial Statements. IAS1.9 underlines...
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