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In this video tutorial, Sylvia from IFRSbox.com explains the basic method applied in lease accounting under the newest standard IFRS 16. The example used is of a lessee renting cars and making four payments of 110,000 currency units in arrears. The incremental borrowing rate is assumed to be four percent per annum. IFRS 16 requires the lessee to recognize the right of use asset and lease liability for all leases at the commencement. The right of use asset is calculated as the lease liability plus lease payments before or on the commencement date, minus lease incentives and the lessee's initial direct costs.
