Flower decoration and IFRS 16

[jasiano]

Hi,

I wonder if flower decoration rental considered as a lease in IFRS 16. In IFRS 16, we need to recognize both asset and liability for leases. I wonder if I can just expense the flower decoration under IFRS 16. Thanks.

 

[Fidget]

If it's low value and/or for less than a year, then you can expense it as you would a current operating lease.

 

[Nicole310796]

If it's low value and/or for less than a year, then you can expense it as you would a current operating lease.

hi, just wondering if you could help me. Just wondering where does it states so. Just a student revising.

 

[Fidget]

There's quite a good paper on it from BDO which will probably be an easier read for you than wading through the standard itself:

https://www.bdo.global/getattachmen...ice/IFRS16IP_Leases_print.pdf.aspx?lang=en-GB

There's also this one on IFRSbox, which is a really good site for an easier to manage explanation of most of IFRS:

http://www.ifrsbox.com/ifrs-16-leases-summary/

Best of luck in your studies!