Changes to requirements for lease accounting have been on the cards for some time and from 1st April 2022 the implementation of IFRS 16 Lease Accounting into the Public Sector will become a mandatory requirement. This means that operating leases as well as finance leases must be accounted for on the balance sheet and this shift of focus will require not only an asset reclassification exercise, but also the ability to account for lease details on the balance sheet.
This paper aims to explain the IFRS 16 requirements, explore the challenges ahead and outline the options available to ensure compliance.
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