CERTYNEX IFRS ACADEMY

On 1 October 20X5, Falcoris signs a lease of a warehouse with a commencement date of 1 March 20X6. In December 20X5, the loss of a customer makes this contract onerous. Which standard deals with this loss at the reporting date of 31 December 20X5?

IFRS 16, which deals with every aspect of a lease from signing.

IAS 37, because the lease becomes onerous before its commencement date.

IAS 36, because the warehouse will be an impaired leased asset.

No standard: the loss will be recognised only from the commencement date.