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Lease Accounting Under Ifrs 16 And Ias 17 - A Comparative Approach

Author

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  • Cristina Aurora BUNEA-BONTA?

    (“Constantin Brâncoveanu” University of Pitesti, Romania)

Abstract

n January 2016 the International Accounting Standard Board (IASB) issued the International Financial Reporting Standard (IFRS) 16 Leases, this being the final step in accomplishing the goal of bringing most leases on-balance sheet for lessees. Whereas, under the provisions of International Accounting Standard (IAS) 17 Leases, a lessee had to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet), the new accounting model requires the lessee to recognise almost all lease contracts on the balance sheet (with optional exemptions for certain short-term leases and leases of low-value assets). The aim of this paper is to discuss some of the major differences between IFRS 16 and IAS 17 and to point out the effects of the new accounting model on a company’s financial statements.

Suggested Citation

  • Cristina Aurora BUNEA-BONTA?, 2017. "Lease Accounting Under Ifrs 16 And Ias 17 - A Comparative Approach," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 2(2), pages 78-84.
    • Handle: RePEc:brc:brccej:v:2:y:2017:i:2:p:78-84
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    References listed on IDEAS

    as
    1. Marian SACARIN, 2017. "IFRS 16 “Leases” – consequences on the financial statements and financial indicators," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 15(145), pages 114-114, February.
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    Cited by:

    1. Veronica GROSU, 2020. "Effects Of The Implementation Of Ifrs 16 On Financial Statements," European Journal of Accounting, Finance & Business, "Stefan cel Mare" University of Suceava, Romania - Faculty of Economics and Public Administration, West University of Timisoara, Romania - Faculty of Economics and Business Administration, vol. 14(24), pages 54-60, October.

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    More about this item

    Keywords

    lease accounting; IFRS 16 Leases; IAS 17 Leases;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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