In January 2019, a new accounting standard, IFRS 16, will come into force which will introduce new rules for lease accounting and have an impact on the real estate industry.
This new standard, which was published by the International Accounting Standards in January 2016, will fundamentally change the way leases are recognised in financial statements.
For all occupiers there is a significant amount of work required to prepare for the implementation of the new standard. There are however opportunities available to mitigate the financial impacts of IFRS 16. All occupiers will need to revisit their property ownership and leasing strategies as a result of the new standard.
On 20th April, we had the pleasure of hosting a seminar on this new forthcoming accounting standard which was led by Tamás Polster, co-head of Strategic Consulting EMEA, and Paul Fry, Occupier Finance Partner.
This event was a great success and provided our clients with an insight into the impact IFRS 16 will have on Financial Reporting, Corporate Real Estate Strategy, Industry Sectors and most importantly their property ownership and leasing strategies. This seminar also provided a practical overview of which transactional approaches to take to mitigate the financial impacts and how Cushman & Wakefield can help clients overcome these challenges.
For more information on IFRS 16 please contact Tamás Polster or Paul Fry.