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New Leases Standard will be effective from 1 January 2019
London, 30th October, 2015 –The International Accounting Standards Board (IASB) which sets International Financial Reporting Standards has completed its decision making for the new Leases Standard. IASB has confirmed that it plans to issue the new Leases Standard before the end of 2015 and has announced that it will be effective from 1 January 2019.
Commenting on the news, Michael Evans, director in JLL’s Corporate Capital Markets team, said: “This news will come as shock to those who had thought the decision making process had dragged on for so long that it was never going to happen. After 9 years the time for discussion on lease accounting proposals has finally come to an end and the time for action is here. Now everyone will need to understand the impact of the new lease standard on their financial statements given it is so different to the last Exposure Draft.”
“Given today’s news, corporates will have to think hard about the impact on their property strategy - whether to own or lease, or whether to think about shorter leases or turnover rents - as well as how to capture the data required for reporting".
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