The standards tracker is a unique tool which allows faculty members to identify quickly and easily the version of a standard which is applicable to a particular accounting period.
Published January 2016. Effective 1 January 2019
*UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Find out more on which entities qualify and the criteria to be met.
Financial Reporting Faculty members get full access. Login to get the version of the standard relevant to specific time periods via eIFRS.
ICAEW members and non-members can view a brief synopsis, amendments and details of current proposals.
IFRS 16 replaces IAS 17. It provides a single lessee accounting model to be applied to all leases, whilst retaining a two model approach for lessors.
Lessees recognise a right-of-use asset and a lease liability on the commencement of a lease.
An election can be made on a lease-by-lease basis to apply alternative accounting treatment to leases with a term of less than 12 months and leases for low value assets. In this case lease payments are recognised as an expense on a straight-line basis, or another systematic basis, over the lease term.
Lessors classify leases as either operating or finance leases:
'Which version of the standard?' is only available to members of the Financial Reporting Faculty. Please note that to access electronic versions of IFRS through the links in these standard trackers you need to have first logged into eIFRS.
This page was last updated 14 December 2017