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The IASB has published IFRS 16 ‘Leases’ completing its long-running project on lease accounting. This special edition of IFRS News explains the key features of the new financial reporting Standard and provides practical insights into its application and impact

Loan agreements often include covenants that, if breached by the borrower, permit the lender to demand repayment before the loan’s normal maturity date. In response to a borrower’s request, lenders may decide to voluntarily waive some or all of the rights they acquire as a result of a breach. This IFRS Viewpoint provides guidance on the classification of long-term loans payable as either current or non-current when covenants are present.

IFRS News is your quarterly update on all things relating to International Financial Reporting Standards. We begin this first edition of 2016 by looking at IFRS 16, the new Standard on lease accounting which was published by the IASB on 13 January.

On 13 January 2016 the IASBreleased IFRS 16 'Leases', completing its long-running project on lease accounting. IFRS 16 will require lessees to account for leases 'on-balance sheet' by recognising a 'right-of-use' asset and a lease liability.

This publication is designed to give Chief Financial Officers a high-level awareness of recent changes to International Financial Reporting Standards that will affect companies’ future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

The Grant Thornton International Business Report (IBR)*, a global survey of 2,500 business leaders in 35 economies, has revealed that over the past 12 months more than 15% of businesses across the world have suffered a cyber-attack, costing a total of more than $300 billion. That’s just the measurable costs. Who knows what the reputational damage, loss of trust and custom adds up to.

See our latest edition of On the Horizon (December 2015). In this edition, we review the November FASB meetings including: simplifying the equity method of accounting, insurance - targeted improvements to the accounting for long-duration contracts and employee share-based payment accounting.

IFRS 9 (2014) ‘Financial Instruments’ fundamentally rewrites the accounting rules for financial instruments. It introduces a new approach for financial asset classification; a more forward-looking expected loss model; and major new requirements on hedge accounting.

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Every year, thousands of individuals and businesses pay more tax than they need to. At Grant Thornton we recognise that tax is a cost to you and your business. The guide provides 20 of the most topical tax issues that our team have experienced across our client base. It seeks to highlight certain opportunities that may have application to you and your business.