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In this video tutorial, Sylvia from IFRSBox.com explains the basic method of lease accounting under the new IFRS 16 standard. The example given involves a lessee renting out a car and making four payments of 110,000 currency units in arrears. The incremental borrowing rate is four percent per annum. IFRS 16 requires the lessee to recognize the right of use asset and lease liability at the commencement of the lease. The right of use asset is calculated as the lease liability plus lease payments before or on the commencement date, less lease incentives and the lessee's initial payment.
