Financial Accounting
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Financial Accounting IFRS 16: Why it was issued and its impact on financial reporting in practice This study source was downloaded by 100000834007264 from CourseHero.com on 06-18-2022 01:06:52 GMT -... 05:00 The University of Greenwich1 https://www.coursehero.com/file/78865677/FILE-20210120-161001-sample-essaydocx/Financial Accounting Introduction IFRS 16: Lease was issued by the International Accounting Standard Board in January 2016 (PwC, 2016) because the leasing standard IAS 17 was old and outdated (Mina Stanic, 2016). IFRS 16 was applied to have a better result in comparing companies to capitalize on all leases (Jorgen K.B and Thor G.H, 2020). Based on the new standard, the financial statement of companies would be impacted, and the system of accounting would change some principle (Francesca M., Alberto N., Matteo O., 2018). Many sectors would be affected by new standard IFRS 16 (José M.D and Constancio Z.R, 2018), especially the airline industry which has depended significantly on the lease of operating (Bassam Maali, 2018). This essay reviews the reason for adopting [Show More]
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