Technical publications

Insights into IFRS 16: Definition of a lease

Mark Hucklesby Mark Hucklesby

NZ IFRS 16 changes the definition of a lease from the current evaluation in NZ IFRIC 4, and provides guidance on how to apply this new definition. As a result, some contracts that do not contain a lease today will meet the definition of a lease under NZ  IFRS 16, and vice versa. This article explains the new lease definition and the three key evaluations necessary to determine that the contract is or contains a lease.

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