Understand and Embrace Lease Identification with IFRS 16 Leases in the ACCA SBR Exam

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This video explains how to recognise this is a lease contract. This is from the strategic perspective of lease accounting and it is one of the favourite areas that the ACCA SBR examiner tends to test in the exam.
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Are you ready to take your ACCA SBR and IFRS 16 skills to the next level? In this video, you will learn how to master the process of Lease Accounting with a focus on Lease Identification. We will cover the fundamentals of Lease Identification, discuss the importance of ACCA IFRS 16, and provide tips and tricks on how to effectively use these tools to get the most out of your Lease Accounting process. By the end of this video, you will have the knowledge and confidence to tackle any Lease Accounting challenge. So, let's get started and unlock the power of ACCA SBR and IFRS 16: Master Lease Accounting!
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Tutor: Steve Chen, FCCA - Course director at APC.
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[@kgotsomokgale5395]

How to identify that the question is about lessor not lessee

[@rishitekchandani5252]

So under an Operating lease, the asset will be recognized on the Balance sheet of the lessee as well as the lessor?
How is this possible?

[@globalapconlinecourse]

there will be no operating lease from lessee's point of view any more. but lessee needs to recognise the asset and the name is right to use the asset. but under lessor, still operating lease exists.

[@MominNz]

@@globalapconlinecourse I think IFRS 16 is flawed.

[@MominNz]

The maintenance cost which is 10% is falling under asset also taking into calculation the percentage split. Absolutely incorrect in core design to recognize a lease. you've got 4 pro qualifications. do you really think it's correct?

[@MominNz]

Very well explained. however, IFRS 16 has too many flaws and regulatory bodies have over complicated it making it transparent although it creates loopholes to evade tax much easier than simply recognising the right to use the asset as a rental payment. Whenever items are thrown onto the balance sheet they can be easily manipulated. I disagree with most IFRS standards as that's what lets the company's getaway with fictitious figures and the auditors of the hook.

[@MominNz]

i dont think it can be a liabliity on the books of the lessee. it should be rather treated as expense

[@globalapconlinecourse]

There are recognition exemptions which allow the asset to be recognised as expenses in the lessee's book.

[@MominNz]

@@globalapconlinecourse right then accordingly to what you have just said, why is it then a DR as RTUA.?