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      HKFRS 16 Leases

       

        


      Technical Resources

       

      This webpage contains pronouncements, guides and articles that are relevant
      to HKFRS 16 Leases.

       

      Effective Date

      Financial periods beginning on or after 1 January 2019.

       

      Affected standards

      Supersedes HKAS 17 Leases, HK(IFRIC)-Int 4 Determining whether an Arrangement contains a Lease, HK(SIC)-Int 15 Operating Leases—Incentives and HK(SIC)-Int 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease.

        

      Why do we need a new standard

      The previous lease accounting model required lessees and lessors to classify their leases as either finance leases or operating leases and account for those two types of leases differently. That model was criticised for failing to meet the needs of investors and analysts because it did not always provide a faithful representation of leasing transactions. In particular, it did not require lessees to recognise assets and liabilities arising from operating leases (they were "off balance sheet leases"). As a result, many investors and analysts adjusted the amounts reported in a lessee's financial statements to reflect the assets and liabilities arising from off balance sheet leases, and make other consequential adjustments. However, because of the limited information available, the estimates made were often inaccurate. In addition, many other investors did not make adjustments. This created asymmetry and inaccuracy of information in the market.

       

       

      Click below for more information


      901BTRIBe HKFRS 16, basis for conclusions and illustrative examples
      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif
      Additional references issued by Standard Setters and Regulators 
      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Useful references issued by other organisations
      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

       

       

      Focus:



      Additional references issued by Standard Setters and Regulators
      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif The Institute Standard Setting Department

         
      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif IASB

       

       

      Useful references issued by other organisations
      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

      BDO

      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

      Deloitte

      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

      EY

      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

      KPMG

      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

      Zhonghui

       

       

      Aplus articles
      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

      February 2016: A new life on leases

      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif February 2016: The intricacies of implementing the new leases standard
      file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif December 2016: What you need to know about the new leases standard
       901BTRIBe October 2018: Lessee accounting: Farewell to Hong Kong Interpretation 4
       901BTRIBe December 2018: HKFRS 16 – Frequently asked questions on leases discount rate
         
         
      Last updated: May 2023

       

      Frequently used resources

       
       



      Technical enquiries

        Click here to submit questions on standards issued by the Institute.
         
       
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