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Lease Accounting Under IFRS 16


In January 2016 the IASB abolished the need for classification of leases as either finance or operating (for lessees) which previously resulted in assets and obligations related to operating leases being left out of the balance sheet. Other than for short term leases and leases of low value assets, lessees will present all leased assets and obligations on the balance sheet with effect from 1 January 2019.

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