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Update 19 – Leases and IFRIC discussions
The long-awaited leases standard (IFRS 16) was issued in January 2016 with an effective date from 1 January 2019. Some very controversial proposals were issued during the lifecycle of the development of this standard. The final standard impacts significantly on lessees but less so on lessors. The September 2016 accounting update covers lease accounting in brief (more guidance will follow in time). We have also summarised the IFRIC activities and conclusions for July 2016.
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