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Lease Accounting for Lessors | Overview | IFRS 16 [Video]

Lease Accounting for Lessors | Overview | IFRS 16

The lessor must first classify the lease as a finance lease or an operating lease.

If it’s a finance lease, the lessor will:
• Record sales revenue and cost of goods sold (if the lessor is a manufacturer or a dealer)
on the lease commencement date
• Remove the asset from its statement of financial position
• Record a lease receivable
• Record interest revenue throughout the lease

If it’s an operating lease, the lessor will:
• Keep the asset on its statement of financial position
• Record depreciation expense for the asset
• Record lease revenue throughout the lease on a straight-line basis
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