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The objective of {{this}} is to report information that (a) faithfully represents lease transactions and (b) provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. To meet that objective, a lessee should recognize assets and liabilities arising from a lease.

{{this}} introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments.

{{this}} is Copyright: [https://IFRS.org IFRS Foundation]
<ins>
[[Link::t:CSFP]]
</ins>
[[Category:Term]][[Category:Finance]]
{{Object
|name=IFRS 16 Leases
|parent=t:IFRS
|sort=00016
|level=1
|keywords=IFRS, Standard, Financial, Reporting, GAAP, Risks, Lease, Cash Flow, Liability, Uncertainty
|description=IFRS 16 requires an entity to truthfully report risks and uncertainties from leases
}}

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ORwiki at 19:18, 19 August 2020