Training on IFRS 16 "Leases" was held.

On June 27 - 28, Baker Tilly experts from Russia provided training for our clients from oil and gas sector.

Audit Directors Zakhar Shalumov and Maxim Deev from Baker Tilly Russia attended the training as speakers and shared their experience in the background, scope and principles under IFRS 16 Leases, and application of this Standard. In addition, different requirements were illustrated in the practical examples.

Topics covered included identification of the lease assets, the right of use of the leased asset, separation of lease components and non-lease components, exemptions in applying the standard and etc.

IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019, with earlier application permitted. The objective of IFRS 16 is to report information that (a) faithfully represents lease transactions and (b) provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. To meet that objective, a lessee should recognize assets and liabilities arising from a lease.