The vital International Financial Reporting Standard (IFRS) 16 becomes effective from 1 January 2019.

Our rapid deployment IFRS 16 solution for SAP Business Planning and Consolidation (BPC) systems reduces time, effort and worry, as customers prepare for this landmark measure. The application is perfect if you have any form of existing SAP BPC installation.

The team at Opal Wave have identified a raft of free resources for IFRS 16. There are 37 essential links to a selection of important resources dedicated to IFRS 16 from ourselves and leading accountancy media, professional bodies and firms. These items – all of the general application and available free-of-charge (though some require registration) – tell you more about the standard, including how to prepare for and implement compliance with it.

Opal Wave resources

Pre-configured solution from Opal Wave: Our page briefly explaining IFRS 16, why it matters and our own application helping customers with any form of SAP BPC solution comply with it.  

Our rapid deployment IFRS 16 solution: A page allowing you to download as a PDF our guide to IFRS 16 and our solution aiding compliance with it for users of SAP BPC systems. 

What is IFRS 16? Our own page, explaining the measure and its significance.

IFRS 16 solution: A post describing the IFRS 16 solution included in our unique SAP BPC Managed Cloud system, which contains rapid deployment templates enabling users to literally Go Live in a Day™.

SAP BPC IFRS Go Live in a Day™: This five-minute video explains how our breakthrough SAP BPC Managed Cloud solution, which enables users to literally Go Live in a Day™, aids compliance with IFRS 16.

IFRS compliance? Easy with SAP BPC Managed Cloud: A post explaining how our ground-breaking SAP BPC Managed Cloud product can aid compliance with IFRS 16.

Key differences between IFRS 16 and IAS 17: Our post explaining the main differences between IFRS 16 AND IAS 17, the international accounting standard which it is replacing.

IFRS 16 implementation and business impact: Here, we look at the likely impact on finance teams and their businesses, as they grapple with the challenges of implementing IFRS 16.

IFRS 16 impacts on financial statements and reporting metrics: This post does what it says on the tin and contains a link to a paper from leading accountants PwC, assessing the likely impact of IFRS 16 on different industries. 

Accountancy media resources

Accountancy Age e-book: An e-book from Accountancy Age outlining IFRS 16’s requirements, the sectors affected by it and how to prepare for quick and painless compliance.   

IFRS 16 will bring $2.8trn onto companies’ balance sheets: A piece from Economia outlining the background to IFRS 16, including comment from professional body the Institute of Chartered Accountants in England and Wales (ICAEW) and major firms.

New IFRS 16 leasing standard explained: An article from Accounting Web, providing an overview of the new measure, including the reasons for it and the changes it makes to the definition of a lease.

Accountancy body resources

IASB shines light on leases by bringing them onto the balance sheet: The International Accounting Standards Board’s press release announcing and explaining the publication of IFRS 16.

IFRS 16 leases – putting theory into practice: This booklet, from the ICAEW, covers the planning, transitioning and accounting elements of IFRS 16.

IFRS 16 leases – FAQs: A booklet from the ICAEW, answers questions such as why it was necessary to change the way lease accounting works.

IFRS 16 – leases: An overview from the Association of Chartered Certified Accountants (ACCA), covering assets, accounting for leases, and sales and leaseback transactions, among other topics.

Leading accountancy firm resources (access to some of these materials requires registration)

IFRS 16 – leases: A page of links from PwC’s Inform arm to resources about IFRS 16, including analyses of its likely impact on individual sectors and videos for people running businesses.  

IFRS 16 – leases: PwC’s website dedicated to IFRS 16, including a series of videos in which the organisation’s experts discuss aspects of the measure’s implementation.

IFRS 16 – a new era of lease accounting: PwC’s detailed guide to the new standard, including identifying a lease, lessee and lessor accounting, plus other topics, with some illustrative examples.

IFRS 16, Leases: The leases standard is changing – are you ready? A guide from PwC explaining the financial and business impacts of IFRS 16, with examples of its practical implications.

It’s finally here – the IASB publishes a new standard on lease accounting: A PwC In Brief bulletin explaining IFRS 16’s key provisions and impact on the financial statements of lessees.  

IFRS 16 – leases: This guide, from Deloitte, contains an overview, history and summary of IFRS 16, including its objectives, scope and exemptions.

IASB issues IFRS 16 – leases: A newsletter from Deloitte, covering IFRS 16’s scope, accounting for leases under it, and implementing it, among other topics.

IFRS 16 (basic): This e-learning module from Deloitte explains the background, scope, principles and application of IFRS 16.

IFRS 16 (advanced): Another e-learning module from Deloitte, explaining the background, scope, principles and application of IFRS 16, but at a higher level than the above.

Leases – a guide to IFRS 16: Deloitte’s 116-page handbook designed to help preparers and users of financial statements understand the impact of IFRS 16.

Bringing greater clarity to leases – IFRS16: A 14-minute video, in which experts from the International Accounting Standards Board and Deloitte discuss IFRS 16.

How the leasing accounting proposal might affect your company: EY’s 110-page guide, including illustrations, to the potential impacts of what was then a proposed accounting standard. 

The impact of IFRS 16 on the UK tax position: A document from EY, explaining the changes to tax legislation and HMRC’s interpretation of it, proposed in the latter’s consultation documents published in December 2017.

Applying IFRS – a closer look at the new leases standard: An almost 120-page guide from EY explaining IFRS, including its scope, concepts, and what it means for lessee and lessor accounting.

IFRS 16 – leases and lessee implementation: An EY webcast, in which the firm’s experts discuss some practical aspects of implementing IFRS 16.

IFRS 16 leases – a closer look: A webcast from EY, which includes the firm’s experts addressing issues such as IFRS 16’s requirements, transitioning to it, and frequently asked questions about it.

Leases – a summary of IFRS 16 and its effects:  A 28-page EY booklet, containing elements such as an overview of IFRS 16, its implications and how businesses should prepare for it.

IFRS 16 and tax: navigating the unknown: An article from KPMG exploring potential tax changes concerning leased assets following IFRS 16’s implementation.   

IFRS 16: starting your journey to implementation: KPMG’s piece examining questions such as what you should do first regarding IFRS 16, which transition option is right for you and how to collate the relevant data.

IFRS 16: what’s the number? An article from KPMG looking at issues surrounding the presentation of lease assets as a single number on a balance sheet, following IFRS 16’s implementation.

IFRS 16: interactive digital learning: A page providing access to a range of KPMG training materials on IFRS 16, including an introduction to it plus items on transitioning to it and its definition of leases.