IFRS 16 Leases requires companies to recognise a right-of-use asset and a corresponding lease liability on the balance sheet, reflecting the economics of the underlying contractual lease obligation. At the time the standard became effective in 2019, the accounting treatment of leases by lessees changed fundamentally and it may have had a significant impact on financial KPIs, systems and processes. Furthermore, in response to the COVID-19 coronavirus pandemic, the IASB amended the standard by issuing a practical expedient with respect to rent concessions. This session will delve into the Standard’s scope, definition, initial recognition, initial and subsequent measurement requirements, including disclosures, accompanied with illustrative examples.

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Georges Xuereb provides IFRS and GAPSME advice and delivers accounting topic papers to his clients on complex technical accounting matters. He also assists clients operating in diverse industries in the preparation of their separate and consolidated financial statements in accordance with IFRS or GAPSME. His area of focus in these diverse industries includes consolidations and business combinations and implementation of recently issued IFRSs. Georges also implements Excel-based consolidation tools to large groups to improve their consolidation reporting process, with a focus on quality and complex accounting requirements and reducing reporting timeframes. Georges delivers technical training and presentations on IFRS matters both internally to his colleagues and to his clients, and delivered lectures on the Financial Reporting and Strategic Business Reporting modules to students as part of their studies in fulfilment of the ACCA qualification.

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