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Basis for Conclusions on IFRS 16 Leases . This Basis for Conclusions accompanies the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) (see separate booklet) and is published by the International Accounting Standards Board (IASB), 30 Cannon Street, London EC4M 6XH, United Kingdom. 0000005700 00000 n
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Insurance Contracts. This Basis for Conclusions and its appendix accompany, but are not part of, IFRS 3. BC3-BC4) Background (paras. Leases. 0000035818 00000 n
Chapter 3 Overview of IFRS 16 7 Chapter 4 Applicability of IFRS 16 for public sector reporting entities 8 Chapter 5 Proposed amendments to the Government Financial Reporting Manual 30 Chapter 6 National Accounts 39 Annex A Data Request 41 . A new standard should provide information that is useful in making It is intended to provide context for the Board’s decision at the time that it was made. 0000040120 00000 n
BC3-BC4) Why the need to change previous accounting? 0000019664 00000 n
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12 0 obj IFRS 9, Basis for Conclusions 3 Basis for Conclusions on IFRS 9 Financial Instruments This Basis for Conclusions accompanies, but is not part of, IFRS 9. The new standard brings most leases on-balance sheet for lessees under a single model, eliminating the distinction between operating and finance leases. endstream IFRS 16 does not change the accounting for services. BC19-BC40) BC19-BC21; Rights and obligations arising from a lease that create assets and liabilities for the lessee (paras. 0000018731 00000 n
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In this Basis for Conclusions the terminology has not been amended to reflect the changes made by IAS 1 Presentation of Financial Statements (as revised in 2007). IFRS 17 replaces IFRS 4 . F Amendments to HKFRS 16 Leases BASIS FOR CONCLUSIONS ON IFRS 16 LEASES (see separate booklet) DISSENTING OPINION APPENDIX APPENDICES A Amendments to the Basis for Conclusions on other Standards B Covid-19-Related Rent Concessions Amendment to the Basis for Conclusions on IFRS 16 … 0000003050 00000 n
This basis for conclusions accompanies, but is not part of, this Standard. 5 IFRS 16, Basis for Conclusions paragraph BC100. endobj Individual Board members gave greater weight to some factors than to others. endobj BC1. 0000037270 00000 n
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This Basis for Conclusions accompanies, but is not part of, IFRS 16. 0000020772 00000 n
In addition, IFRS 16 does not provide guidance on the various types of arrangements between the lessor and the lessee that may satisfy this definition (with the exception of the Illustrative Example 13 which has subsequently been amended by the IASB [ 172 kb ]). Basis for Conclusions on IFRS 9 Financial Instruments This Basis for Conclusions accompanies, but is not part of, IFRS 9. �:4}�~��&����� -p�����p�����~��=�ρV�/���A�Gv`��6�? endobj 0000036314 00000 n
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Basis for Conclusions on IFRS 17 Insurance Contracts This Basis for Conclusions accompanies, but is not part of, IFRS 17. The need to change previous accounting and history of the project (paras. 0000037345 00000 n
basis over the lease term or another systematic basis. 0000038391 00000 n
But, in practice, it can be challenging to assess the various parts of this definition. IFRS 17: Basis for Conclusions. > Download pdf. application/pdf.IASB Supporting Materials2016-02-29T12:54:32+11:00Microsoft® Word 20102016-03-01T11:34:19+11:002016-03-01T11:34:19+11:00Microsoft® Word 2010uuid:6a437c67-a313-47e5-be2c-c82ff75b0370uuid:219d50bd-3c5f-4da8-8b39-e751076938f91 0000025658 00000 n
IFRS 16 Thematic Review (September 2020) Financial Reporting Council 4. 0000035174 00000 n
IFRS ® Standards Exposure Draft ED/2019/7 Basis for Conclusions December 2019 General Presentation and Disclosures Comments to be received by 30 September 2020 Comment deadline changed from 30 June 2020 because of the covid-19 pandemic. 0000039500 00000 n
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1 0 obj The Standard and the Basis for Conclusions do not elaborate on this definition. 0000021020 00000 n
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Basis for Conclusions on Exposure Draft General Presentation and Disclosures Comments to be received by 30 September 2020 Comment deadline … Download PDF [172 kb] Lease … endobj This Basis for Conclusions accompanies the Exposure Draft ED/2019/7 General Presentation and Disclosures (issued December 2019; see separate booklet). 0000037907 00000 n
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Basis for Conclusions on IFRS 1 First-time Adoption of International Financial Reporting Standards This Basis for Conclusions accompanies, but is not part of, IFRS 1. IFRS 9 replaced IAS 39 Financial Instruments: Recognition and Measurement. Basis for conclusions This basis for conclusions gives the Accounting Standards Board’s (the Board’s) reasons for accepting or rejecting certain proposals related to the accounting for financial instruments. <>stream 0000002301 00000 n
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At first sight, the definition looks straightforward. This is because these licensing agreements are accounted for applying IAS 38. h�b```b``�c`2�00 � P����������|�:������|�~�]�2c��.e��nͶ�M�=���ٔ�!�g�ׇ��ᱥ�A��6����!��p���fu� 㡿�c+�����U���Tr���m�}��i�5��_�O~x��,3�Y�ļPiJ�b��9��0)X!g�&����]@%����61d9�Z���������G�"�C_q_��Db����B&7^-� ���x��wb*�hTf�e�>���h����L\2�ݹY��_ zE������| 0000036702 00000 n
x��WKo�F^@7��M���bj��KrIF�ز��reYԣ�s0'u��A�KC�O_�|�R�� M�c���o�Yu���~�|��>=��[��~���/_?vӿ�>vo�<=߯�^�߾=���ݾ�Ndb����Hc�v�D2���Ӫ#Z��(����;���_�q�L/�o�e��"=��>o�~��^���}L`s�~$� �} ���G���:�D�ND;�.��ő%�N�u��}/h݈��l!0RW�J�(�A���lt������ΦN���}�����*;�L�''b"b(f��+z�5��Fpƹ0. 0000035135 00000 n
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Introduction. Therefore, the leases of office furniture are considered to be of sufficient low-value to qualify for the exemption despite the value of each asset being above US$5,000. 0000020408 00000 n
BC7-BC15) Overview of the approach taken in the Standard (paras. 0000036777 00000 n
When revised in 2003 IAS 39 was accompanied by a Basis for Conclusions summarising the considerations of the IASB as constituted at the time, in reaching some … startxref
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Comments on the draft IFRS and its accompanying documents should be submitted in writing so as to be received by 14 September 2009. 0000038949 00000 n
It summarises the considerations of the International Accounting Standards Board (the Board) in developing IFRS 17. Prospective amendments. (IFRS for SMEs) Basis for Conclusions. 0000038466 00000 n
n�3ܣ�k�Gݯz=��[=��=�B�0FX'�+������t���G�,�}���/���Hh8�m�W�2p[����AiA��N�#8$X�?�A�KHI�{!7�. Lessor accounting however remains largely unchanged and the distinction between operating and finance leases is retained. Introduction (paras. BC2-BC6C) The need for a new approach (paras. 3 0 obj IFRS 16: Basis for Conclusions. 0000021258 00000 n
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Prospective amendments. To subscribe to this content, simply call 0800 231 5199. Although the Basis for Conclusions on IFRS 16 mentions that the IASB had in mind a magnitude of US$5,000 or less, this amount is not considered a bright-line test. 0000021382 00000 n
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Basis For Conclusions on IFRS 16 Disclosure: Consequently, IFRS 16 requires a lessee to disclose: (a) the carrying amount of right-of-use assets, and depreciation charge for those assets, split by class of underlying asset. The lessee shall apply another systematic basis if that basis is more representative of the pattern of the lessee’s benefit. No. Basis for Conclusions on IFRS 16. �x������- �����[��� 0����}��y)7ta�����>j���T�7���@���tܛ�`q�2��ʀ��&���6�Z�L�Ą?�_��yxg)˔z���çL�U���*�u�Sk�Se�O4?�c����.� � �� R�
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Basis for Conclusions on IFRS 3 Business Combinations . endobj BC1-BC15) BC1; History of the project (paras. Introduction BC1 This Basis for Conclusions summarises the considerations of the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) in reaching the conclusions in the exposure draft Leases. DISSENTING OPINION APPENDIX Amendments to the Basis for Conclusions on other Standards ILLUSTRATIVE EXAMPLES (see separate booklet) APPENDIX Amendments to guidance on other Standards IFRS 16 LEASES—JANUARY 2016 IFRS Foundation 4. <> Amendments to IFRS 15 Revenue from Contracts with Customers Paragraphs 26, 27 and 29 are … BC5-BC18) The approach to lease accounting (paras. changes are not expected to affect conclusions about whether contracts contain a lease for the vast majority of contracts (ie a lease applying IAS 17 is generally expected to be a lease applying IFRS 16). endobj AMENDMENTS TO THE BASIS FOR CONCLUSIONS ON IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS 16 DISSENTING OPINION 65 AMENDMENTS TO THE ILLUSTRATIVE EXAMPLES ON IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS 66 IFRS STANDARD 3 IFRS Foundation. BC16-BC62) BC16-BC17; Measurement of insurance contracts and recognition of profit (paras. <> Get subscribed! Ar ticle 2 Each company shall apply the amendments refer red to in Ar ticle 1, at the latest, as from the commencement date of its first financial year star ting on or af ter 1 Januar y 2019. BC18-BC26) Presentation of … <>/Metadata 7 0 R/Outlines 8 0 R/Pages 250 0 R/StructTreeRoot 3379 0 R/Type/Catalog/ViewerPreferences<>>> IFRS 17 . 0000020532 00000 n
Basis for Conclusions on Exposure Draft Amendments to IFRS 17. trailer
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Individual Board members gave greater weight to some factors than to others. endobj IFRS 16, ‘Leases’, defines a lease as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. Intangible assets BC70 IFRS 16 excludes from its scope rights held by a lessee under licensing agreements within the scope of IAS 38 Intangible Assets for such items as motion picture films, video recordings, plays, manuscripts, patents and copyrights. 202 0 obj
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10 0 obj BC2. endobj ��w�G� xR^���[�oƜch�g�`>b���$���*~� �:����E���b��~���,m,�-��ݖ,�Y��¬�*�6X�[ݱF�=�3�뭷Y��~dó ���t���i�z�f�6�~`{�v���.�Ng����#{�}�}��������j������c1X6���fm���;'_9 �r�:�8�q�:��˜�O:ϸ8������u��Jq���nv=���M����m����R 4 � with IFRS 16 as set out in the Annex to this Regulation. Need help? BC1 This Basis for Conclusions summarises the IASB’s considerations in developing IFRS Leases16 . Individual board members gave greater weight to some factors than to others. 0000013562 00000 n
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It includes the reasons for accepting particular views and rejecting others. This Basis for Conclusions accompanies, but is not part of, the draft IFRS. 0000036389 00000 n
This basis for conclusions summarizes the Board’s considerations in reaching the conclusions in Topic 842, Leases. BASIS FOR CONCLUSIONS ON IFRS 16 LEASES (see separate booklet) INTERNATIONAL FINANCIAL REPORTING STANDARD 3 IFRS Foundation. IFRS 16 BASIS FOR CONCLUSIONS IFRS Foundation25 27. Introduction. Agenda ref 30B New IFRS Standards—IFRS 16 Leases Page 8 of 23 exemptions. endobj Individual Board members gave greater weight to some factors than to others. Measurement of lease liabilities Most companies in our sample repeated the requirements of paragraph 26, that ‘leasepayments shall be discounted using the interest rate implicit in the lease, if that rate can be readily determined. <> Basis For Conclusions On IFRS 16 Identifying a Lease : IFRS 16 requires an entity to assess whether a contract contains a lease at inception of the contract, rather than at commencement. 0000021144 00000 n
Basis for Conclusions on IFRS 15 Revenue from Contracts with Customers This Basis for Conclusions accompanies, but is not part of, IFRS 15. BC1-BC2) Overview (paras. This Basis for Conclusions accompanies the proposed International Financial Reporting Standard (IFRS) set out in the exposure draft Financial Instruments: Classification and Measurement (see separate booklet). 0000020160 00000 n
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