The Biggest Pitfalls of Adopting IFRS 16, which Addresses the Reporting of Leased Assets
Since 1 January 2019, IFRS 16 has been in effect. This standard substantially revised the accounting treatment applied by lessees to leased assets. For companies, this means more demanding work with data; the need to define which of their contracts fall under the scope of IFRS 16; and also, for instance, employee training. What are the pitfalls lessees face in connection with the new standard? And is there a way the whole accounting process can be simplified?