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In the previous section, we saw how to identify a lease in a contract. In practice, there are many lease agreements that involve leases of multiple assets, not just one asset, for example, a contract might involve a lease of a warehouse, a loading truck and forklift, or might involve a lease of land together with a building on it. Also, that contract might include several services related to the leased assets, for example, maintenance and security services to be provided by the lessor. To account for such contracts using IFRS 16, both the lessee and the lessor should: First: Identify the components of the contract that are considered leases, then account for them using IFRS 16, Second: Identify the components that are not leases, then account for them using the applicable standards. So, in this section you will learn: How to identify and separate the lease components and non-lease components in a contract. How to allocate the consideration paid by the lessee between lease and non-leas
