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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. Using a simple example of a car rental, she shows how the lessee will make four payments of 110,000 currency units in arrears at the end of each year. If the lessee borrowed money from the bank instead, the bank would charge four percent per annum, which is the incremental borrowing rate. IFRS 16 states that the lessee should recognize the right of use asset and lease liability at the commencement of the lease, without classifying the lease anymore. The right of use asset is calculated as the amount of the lease liability plus lease payments before or on the commencement date, less lease incentives and the lessee's initial d.
