When it comes to implementing the new lease standard IFRS 16, preparers of financial statements in the shipping industry have a number of choices about transition. It’s important to think through these options in good time.
With IFRS 16, the new lease accounting standard, coming into effect soon, shipping companies need to prepare for the new presentation and disclosure requirements. Many will need to make changes to their systems in order to be ready.
The new lease accounting standard, IFRS 16 Leases, comes into effect for periods beginning on or after 1 January 2019. Shipping companies need to make sure they have assessed and understood its implications.