Accountancy Europe responded to EFRAG’s Draft Endorsement Advice on IFRS 16 Leases following a Preliminary Consultation which closed in December 2016, for which Accountancy Europe also provided its comments.
Accounting Europe reconfirms its support to EFRAG in providing a positive endorsement advice on IFRS 16 Leases, as it agrees with the conclusions reached in its draft endorsement advice.
Accounting Europe is pleased to see that EFRAG considers the timing of the endorsement process. It is important that the endorsement of the Standard be done swiftly and at the latest by the first quarter of 2018 to allow sufficient time for implementation, or even early adoption of IFRS 16 by entities that wish to apply IFRS 16 at the same time as IFRS 15 Revenue from Contracts with Customers.
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