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IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets (right-of-use) and liabilities for all leases with a term of more than 12 months or unless the underlying asset is of low value.
Recognition and Measurement at commencement date
Measurement at commencement date
- Measure Lease Liability
At commencement, a lessee should measure the lease liability at the present value of the lease payments, that are not paid at that date.
- Right of Use Asset
At commencement, a lessee should measure the right-of-use asset at cost as below;
Cost comprises of:
- Present value of lease payments.
- Any lease payment made at or before the commencement date
- (Less) any lease incentives received.
- Any initial direct cost incurred by lessee.
- Any disposal/dismantling costs, incurred by lessee.
The lessor does not record the leased asset in its financial statements as its has transferred the risks and reward. Instead, he records the amount as receivables as “Net Investment in Lease”.
Receivable is described as
- Net investment = Present value of Gross investment or;
- Net investment = Fair value + Initial direct cost.
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Downloads.. Arabic VAT Brochure V10 Our services 3F V7 Services V8.1 services ( Downloadable)