EFRAG online survey of users on the effects of IFRS 16

Background of IFRS 16 and the IASB’s PIR project

The previous accounting model for leases failed to meet the needs of users of financial statements, because most leases were off-balance sheet as operating leases, thereby failing to reflect lessees’ obligation to make future minimum lease payments, and there was lack of disclosure.

IFRS 16 Leases was issued in 2016 and had a mandatory effective date of 1 January 2019. It requires lessee to recognise a liability for its obligation to make future minimum lease payments with the corresponding right of use asset and enhances lessors’ disclosure about their risk exposure.

The objective of a PIR is to gather feedback from different stakeholders in order to assess whether the new standard is working as intended. A PIR is not a standard-setting project and does not automatically lead to standard-setting. Nor is it intended to address every application question.

Purpose and content of this survey

Survey objective
The objective of this survey is to determine whether IFRS 16 works overall as intended. This feedback will be useful to complement preparers’ views of the costs associated with the implementation of IFRS 16.

This survey is aimed at users of financial statements. To access the survey aimed at preparers, auditors, national standard setters and regulators, please click here.

Deadline and relevant information
Please submit your answers by 22 April 2024 by clicking on the “Submit” button at the end of the survey.
Please note that you can save the questionnaire and return to it later by clicking “Save and continue later” in the right top corner of the page. EFRAG will only consider submitted surveys.
The collected information will remain confidential and, when used in any reports, it will be presented in such a way that no individual company or person can be identified.

The survey consists of 20 questions sorted in five sections. Please find an overview of this survey in PDF format here.