SFRS 116 aims to provide a more faithful representation of leases as the asymmetry existing between the accounting for leases by lessees and lessors is removed. Financial impact is expected when operating leases that would be recorded off the balance-sheet under SFRS 17 are now taken to balance sheet and there would be differences in the timing of the recognition of the corresponding expenses over the lease term. SFRS 116 is effective for annual periods beginning on or after 1 January 2019.
In the transition to SFRS 116, there could be accounting and operational considerations such as the following:
"More than 100 countries on all five continents require or permit the use of IFRS. Major economies in Asia-Pacific, North America and Latin America have set out a time line towards the full adoption of IFRSs." - Rick Chan, Managing Partner & Head of Audit & Assurance APAC
To both help understand the key issues of IFRS 15 Revenue from contracts with customers (“IFRS 15”) and provide answers to your specific questions, Mazars publishes "IFRS 15: Key points of the revenue recognition standard in 100 Questions & Answers". This publication, from the Mazars Insight series, presents the intricacies of a complex standard in a pedagogical way. There is no significant difference...
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