FBK Grant Thornton’s Experts Answer IFRS 16 Questions
FBK Grant Thornton has arranged a business breakfast for its clients titled “New Lease Accounting Requirements for Credit Institutions”, which was dedicated to IFRS 16.
“We started to receive questions from our clients regarding this topic long before the event. That is why during our meeting we tried to spend most of the time answering them,” said Anastasia Terekhina, the Deputy Director of Assurance and Advisory to Financial Institutions.
The most relevant cases, solutions and life hacks discussed at the conference are described in the presentation available at our website.
IFRS 16 became effective for annual reporting periods starting on or after 1 January 2019. It will be followed by the Bank of Russia Regulation on lease accounting by credit institutions that is to become effective starting from 1 January 2020. Under the new standard, a lessee is required to recognise a lease liability representing its obligation to make lease payments to the lessor and a right-of-use asset representing its right to use the underlying leased asset during the lease term.