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Overview. 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.

Consequently, long-term leases of land may be classified as finance leases. 1 Transfer of ownership. ... 2 Purchase options. ... 2.1 Purchase option prices. ... 3 Lease term test. ... 3.1 Determining the term of the lease. ... 3.2 Determining the estimated economic life. ... 3.3 Economic life involving multiple assets. ... 4 Lease payment tests.

IFRS 16 defines a lease term as the noncancellable period for which the lessee has the right to use an underlying asset including optional periods when an entity is reasonably certain to exercise an option to extend (or not to terminate) a lease.

If the lease meets any of the criteria, then it must be recorded as a finance lease. The five criteria relates to a bargain purchase option, transfer of ownership, net present value of lease payments, economic life, and whether the asset is specialized.

At the commencement of a lease, a lessee recognises the following: Right-of-use (RoU) asset representing its right to use the underlying leased asset throughout the lease term, and. Lease liability representing its obligation to make lease payments.

If any one of these five criteria are met, at its inception, the lease should be considered a finance lease: Transfer of ownership. The lease transfers ownership of the property to Cornell by the end of the lease term. ... Lease purchase option. ... Lease term. ... Present value. ... Alternative use.

IFRS 16 requires companies to reassess the lease term during the life of a lease contract in specific circumstances. This requirement and that to reassess other key estimates and judgements if the lease term changes, introduces financial statement volatility.

Derecognize the rights in the underlying asset that it transfers to the lessee and continue to recognize a residual asset representing its right to the underlying asset at the end of the lease term (a derecognition approach).