IFRS 16 Lease Classification

IFRS 16 Lease Classification

Saket Modi

20 years: Chartered accountant & educator

In the third part of this series, Saket provides an example to explain the application of the definition of lease in IFRS 16. It includes consideration of substantive vs protective rights in determining whether a contract is a lease.

In the third part of this series, Saket provides an example to explain the application of the definition of lease in IFRS 16. It includes consideration of substantive vs protective rights in determining whether a contract is a lease.

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IFRS 16 Lease Classification

4 mins 51 secs

Overview

In this video, Saket outlines two examples, first an oil company entering into a contract with a ship-owner, and secondly, where a coffee company enters into a contract with an airport operator. In both examples, whether the contract meets the definition of a lease is highlighted.

Key learning objectives:

  • Using the examples, identify what constitutes as an IFRS 16 Lease

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Summary
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Expert
Saket Modi

Saket Modi

Saket is a financial trainer and consultant based out of London. He specialises in advanced accounting, financial reporting and financial analysis, particularly with regards to International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and Financial instruments.

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