Insights into PFRS 16 - Definition of a lease
PFRS 16 ‘Leases’ is a standard that impacts most reporting entities that apply PFRS Accounting Standards and are involved in leasing assets and can have a substantial impact on the financial statements of lessees of property and high-value equipment.
Although PFRS 16 has been in effect since 2019, there are still a number of areas that can be challenging in practice. Our ‘Insights into PFRS 16’ series summaries key areas of the standard and aims to demystify those key requirements that are challenging to apply in practice. This article considers the definition of a lease when applying PFRS 16.
The full publication is accessible and downloadable below.
The previous releases in this series, which provide foundational discussions on earlier steps and key concepts under PFRS 16, are available below:
