Short term lease - IFRS 16

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Yousaf
Posts: 53
Joined: 17 Aug 2022, 08:58

Short term lease - IFRS 16

Post by Yousaf »

Hi

A company A entered into a lease agreement with company B for lease of equipment for the period of less than 12 month. Each year such agreement renew by mutual consent for further one year. No extension or termination clause included in these agreements.

Such kind of lease contracts are exempt under IFRS 16? If not? what time period considered for recognizing ROU?
Leo
Posts: 908
Joined: 05 Apr 2020, 22:31

Re: Short term lease - IFRS 16

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