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IFRS 16, Leases

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for industry SPECIFIC application training and application click link  IFRS 16, LEASES. IFRS 16. Leases was brought in to remedy to non-recognition of liabilities for assets held under operation leases. A lease is a contract, or part of contract, that conveys the right to use an asset, the underlying asset for a period of time in exchange of consideration. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange of consideration. The contract may contain other elements which are not leases, such as a service contract. These other components must be separated out from the lease and separately accounted for, allocating the consideration on the basis of the stand-alone prices of the lease and non-lease components. The right ot control the use of an identified asset depends on the lessee having. (a) The right to obtain substantially all the economic benefits from use of the identified asset
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IFRS 15, Revenue from contract with customers

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 For industry specific implementation training and consultancy   IFRS 15 REVENUE FROM CONTRACTS WITH  CUSTOMERS IFRS 15 sets out rules for the recognition of revenue based on transfer of control to the customer from the entity supplying the goods or services.  Recognition and measurement Generally revenue is recognized when the entity has transferred promised goods or services to the customer. IFRS 15 Revenue from contracts with customer sets out five steps for the recognition and measurement process.  The five-step model Under IFRS 15 revenue from contracts with customers  is recognized and measured using a five step model. Step 1 Identify the contract with the customer . Step 2 Identify the separate performance obligations . The key point is distinct goods or services. A contract includes promises to provide goods or services to a customer. Those promises are called performance obligations. A company would account for a performance obligation separately only if the pro
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