What are the impacts of IFRS lease accounting on financial statements?
An example of an AI chatbot conversation about IFRS lease accounting impacts on financial statements.
What are the impacts of IFRS lease accounting on financial statements?
IFRS lease accounting significantly changes how leases are reported, affecting balance sheets and income statements.
Can you explain how it affects the balance sheet?
Sure! Under IFRS 16, lessees must recognize a right-of-use asset and a lease liability on the balance sheet.
What about the income statement?
In the income statement, lease expenses are replaced with depreciation of the right-of-use asset and interest on the lease liability.
Are there any cash flow implications?
Yes, cash flows from operating activities may decrease, while financing activities may increase due to lease liabilities.
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