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IFRS 16 Leases: tips and advice for construction companies - part 5

Rebecca Farmer, partner at EY, considers the complex accounting issues facing construction companies when applying the new lease standard, IFRS 16 Lease, offering tips and advice on dealing with control issues, specialised materials and judgment calls

Many companies in the construction industry are still grappling with the complexities of accounting for revenue recognition under IFRS 15 Revenue from Contracts with Customers, and may therefore not have given significant thought to the new leasing standard, IFRS 16 Leases, which will come into effect for periods commencing after 1 January 2019.

While perhaps not as far-reaching as the new revenue recognition standard for the construction industry, IFRS 16 does have some aspects which could take time for companies within this sector to work through.

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