FRC tells companies to improve IFRS 16 Leases disclosures
Companies applying the new standard on lease accounting are not providing sufficient information on its impact, according to the Financial Reporting Council’s (FRC) review of the first year of implementation of IFRS 16 Leases.
The regulator looked at the interim reports of 20 companies applying IFRS 16 for the first time. While it identified a number of examples of best practice, which tended to be those disclosures that were tailored to the company’s circumstances and provided more than the minimum requirements, it said more could be done to show the effects of the new standard.
Read more at the Accountancy Daily.