In 2019 PWC conducted a Global IFRS 16 post implementation survey which "sought to understand how IFRS 16 implementations progressed and where challenges continue to reside post-transition".
In a world of constant change due to COVID-19, the IASB released an update on 10 April 2020 on how to consider changes that businesses may face with regards to leases. In particular they have focused on payment holidays/concessions that businesses may receive as a result of the impact from COVID-19. The article focuses on the following main considerations:
It is often our experience that C level executives consider IFRS 16 / AASB 16 solely a compliance exercise and as such approach the new standard with a certain reluctance to investing in new systems. Additionally, the complexities associated with IFRS 16 are often overlooked until departments are in the depths of rolling out new business as usual (BAU) practices covering the new standard.