On the 1st of March 2016, Hatem Kawasmy the Managing partner of KPMG Jordan held an IFRS 16 training for the employees of The Central Bank of Iraq.
IFRS 16 in glance:
IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17.
The workshop agenda was covering many topics such as;
1. Major impacts for lessees.
2. The importance of IFRS 16.
3. The application of the new standard.
4. Multiple transition options between IAS 17 & IFRS 16.5. IFRS ≠ US GAAP.