IFRS 16Chapter 1Lesson 1
Objective and scope of IFRS 16
Step 1 of 8Learning objectives
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What IFRS 16 is for, which contracts it applies to and which it leaves to other standards: the five scope exclusions, the option available to a lessee for some leases of intangible assets and the requirement to apply the standard consistently to similar contracts.
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Learning objectives
- Explain the objective of IFRS 16 and the information it must give users of financial statements.
- Identify the five categories of contracts excluded from the scope of IFRS 16 and the standard that applies to each.
- Determine whether a lessee may apply IFRS 16 to a lease of an intangible asset.
- Reason about a portfolio of contracts, taking account of the terms, the facts and circumstances and the consistency requirement.