Leases play a pivotal role in SME operations, offering asset access with flexible terms. IFRS for SMEs simplifies lease classification and reporting for lessees and lessors. This article provides a clear framework, practical examples, and disclosure requirements to ensure compliance with ease. Stay ahead in financial reporting by familiarising yourself with IFRS for SMEs.

IFRS 16 revolutionises lease accounting, bringing leases onto the balance sheet and transforming financial transparency. Dive into this article to uncover how businesses now recognise Right-of-Use assets and lease liabilities, the steps to compliance, and the practical implications for financial reporting. Whether you're navigating complexities or streamlining operations, this article equips you with the tools to master IFRS 16 and stay ahead in the world of accounting.