best practices to achieve ifrs 16 compliance
Download this white paper for an outline of the steps needed to implement and execute on a compliance program, the alternatives to facilitate these steps, and the best practice approach to time efficiently and cost effectively achieve compliance.
The IFRS 16 regulation describes the recognition, measurement, presentation and disclosure of leases for both parties to a contract. It brings the vast majority of leases on the balance sheet for reporting purposes. Consequently, it affects financial ratios and metrics that organizations report broadly, and impacts the perception of the company across shareholders and stakeholders. Because of this, IFRS 16 goes deep into how an organization approaches leasing vs buying, and secure needed assets in general.
The deadline, set by the IASB, to have this transition completed is on January 1st, 2019. The change will be significant for most organizations.
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