IFRS Implementation Guide: IFRS 16 Leases

Category: IFRS

IFRS Implementation Guide: IFRS 16 Leases

IFRS 16 Leases will be replacing IAS 17 Leases, the current leasing standard. In addition, IFRS 16 will supersede:

  • IFRIC 4 Determining whether an Arrangement Contains a Lease;
  • SIC-15 Operating Leases – Incentives; and
  • SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease

The new standard is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date of initial application of this standard.

This guide should be used in conjunction and with consideration of the complete IFRS 16 standard.

IFRS Implementation Guide: IFRS 16 Leases

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.