Leases - part 1
Taught by James Griffiths · AI tutor support included
Understand the foundational principles of IFRS 16 lease accounting, including the definitions and initial recognition requirements that apply to both lessees and lessors. Gain clarity on how control and economic benefits determine lease classification, and learn the essential concepts needed to confidently account for lease agreements in financial statements.
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In this lesson
- 0:00 Introduction to Accounting for Leases
- 0:43 Basic Definitions and Initial Recognition
- 3:25 Lessee and Lessor Defined
- 4:50 Understanding Lease Terms
About this lesson
Dive into the intricacies of IFRS 16 with our expert guide on accounting for leases. This video offers a deep dive into the definitions and initial recognition processes critical for anyone dealing with lease agreements under the new standard. Learn the distinctions between lessee and lessor roles, understand the implications of control and economic benefits, and grasp the foundational concepts that will set the stage for more advanced discussions in part two. Perfect for students and professionals seeking clarity on lease accounting, this video promises valuable insights and practical knowledge.
Duration: 6m
- IFRS 16 lease accounting framework
- Lessee and lessor definitions
- Control and economic benefits in leases
- Initial recognition of lease assets and liabilities
- Lease term identification
- Right-of-use asset concept
Transcript
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