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IFRS 16 Leases: tips and advice for vehicle lease contracts - part 4

New lease accounting rules under IFRS 16 mean fleet leases will have to be recorded on the balance sheet for the first time as right of use (ROU) asset requirements change. Paul Lippitt ACA, principal consultant and Andrew Charlton, senior finance manager at Lex Autolease explain the implications of the rule changes on company car leasing

IFRS 16 Leases, the new lease accounting standard, will come into force on 1 January 2019, to bring transparency and comparability to financial statements. For organisations reporting under International Financial Reporting Standard (IFRS), it will mean far more rigorous recording of operating leases which are currently simply logged as a note to the accounts.            

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