IFRS 16 Exemptions
In the final part of this series on IFRS 16, Saket provides examples to convey which lease contracts can qualify as being considered short-term.
Overview
IFRS 16 offers two optional exemptions from recognition of right-of-use assets and lease liabilities. The first is an exemption from short-term leases, and the second is the exemption from leases of low value assets.
Key learning objectives:
Identify the two IFRS 16 exemptions, and explain why they are exempt
Summary
Expert
Saket Modi
Saket is a financial trainer and consultant based out of London. He specialises in advanced accounting, financial reporting and financial analysis, particularly with regards to International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and Financial instruments.
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