IAS Standards
IAS 2 Inventories
IAS 7 Statements of cash flows
IAS 7 Statement of cash flows – Revisited
IAS 8 Accounting policies, changes in accounting estimates, and errors
IAS 10 Events after the reporting period
IAS 16 Property, plant and equipment
IAS 20 Accounting for government grants and disclosure of government assistance
IAS 21 The effects of changes in foreign exchange rates
IAS 24 Related party disclosures
IAS 27 Consolidated and separate financial statements
IAS 28 Investments in associates and joint ventures
IAS 32 Financial instruments: presentation
IAS 33 Earnings per share – Revisited
IAS 37 Provisions, contingent liabilities and contingent assets
IFRS Standards
IFRS 5 Non-current assets held for sale and discontinued operations
IFRS 7 Financial instruments: disclosures
IFRS 10 Consolidated financial statements
IFRS 12 Disclosure of interests in other entities
IFRS 13 Fair value measurement
IFRS 15 Revenues from contracts with customers
IAS 17 VS IFRS 16 Lease – Differences
IAS 17 vs IFRS 16 Lease: A Summary:
IFRS 16 vs IAS 17 leases: IFRS 16 is effective since early 2019 with major changes. Following table precisely elaborates the difference between IAS 17 and IFRS 16.
Difference between IFRS 16 and IAS 17 Leases
| Differences | IAS 17 | IFRS 16 |
| Finance Lease (Major Changes) |
Certain criteria to be met to recognize a lease as finance lease; such as substantially transfer of risks and rewards. | IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets (right-of-use) and liabilities for All leases with a term of more than 12 months (unless the underlying asset is of low value). |
| Operating Lease (Major Changes) |
Lease is recognize as operating lease if the recognition criteria for finance lease is not met. | For Lessee:
For Lessor:
|
| Manufacturer Dealer Lessor | Unchanged. | Unchanged. |
| Sale and Lease back (Major Changes) |
Lessor and lessee account for sale and lease back transactions as finance lease or operating lease and account for them as prescribed. | For lessor and lessee, Accounting for sale and lease back depends on whether Transfer is sale or not a sale. |
Difference between ifrs 16 and ias 17 pdf
The above summary is the most simplified version of IFRS 16 vs IAS 17 pdf. Moreover, Click here to Download IAS 17 IFRS 16 pdf format.