The implementation of IFRS 16 has introduced a host of new terminology and concepts that entities must understand to ensure compliance. Among these, the term ‘penalty’ plays a crucial role in determining the lease term and the financial implications of …
Overview IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current …