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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 involves a lessee renting cars and making payments of 110,000 currency units in arrears. If the lessee were to take a loan from the bank to buy the car, the bank would charge four percent per annum as an incremental borrowing rate. According to IFRS 16, at the commencement of the lease, the lessee must recognize the right of use asset and lease liability for all leases. The classification of the lease is no longer done by the lessee, and 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.
