Fixed Assets - EBS (MOSC)

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IFRS 16

edited Jul 11, 2019 5:03AM in Fixed Assets - EBS (MOSC) 1 commentAnswered

I have a requirement to comply with IFRS 16 re annual Lease Reporting.

IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments.

Has anyone come across this before and implemented on another client?

We have investigated 2 options so far:

Retired Revaluation Reserve

Amortizing Revaluation Reserve

The accounting of these 2 options is not showing as customer would like as they would just like the Asset and Liability Account to be affected rather than create Revaluation Reserves.

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