IFRS 16 in short
IFRS stands for International Financial Reporting Standards. This is a financial standard for yearly reports of businesses. Since 2019 the IFRS 16 regulation is effective. This means that operational lease agreements have to be stated on balance sheets. This eliminates the administrative difference between financial lease and operational lease.
To whom does IFRS 16 apply?
Listed companies in the EU have been obligated since 2005 to report according to IFRS regulation. Companies can also volunteer to report according to this standard. Since 2019 these companies have to recognise their operational lease agreements on their balance sheets, in line with IFRS 16.
To which lease agreements does IFRS 16 apply?
Since2019 operational lease agreements have to be recognised on balance sheets. This applies to all operational lease agreements with an end date after January 1, 2019.
How we help
The new IFRS 16 regulation is effective since January 2019. To enable you to comply with IFRS 16 regulation, you can apply for an IFRS account. You will get access to your contract data for your IFRS reports via myAthlon.
What are the benefits of the IFRS 16 solution in MyAthlon?
From now on the process is fully automated. This way you can filter, sort and download your IFRS 16 data from the first week of every month. Via one interactive table you can immediately download all data. With this change, the data becomes even more relevant and you can immediately use the data for your financial period closing process.