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IAS 17 vs IFRS 16

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › IAS 17 vs IFRS 16

Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • August 26, 2017 at 2:47 pm #403663
    ram456
    Member
    • Topics: 17
    • Replies: 8
    • ☆

    Hello Sir,

    I am sitting for P7 exam on this coming September 2017 session.

    If a question features anything related to leases, which accounting standard should we use- IAS 17 or IFRS 16?

    Thank you.

    August 27, 2017 at 11:34 am #403759
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23203
    • ☆☆☆☆☆

    IAS 17 no longer exists so any question concerning leases will be based on IFRS 16

    OK?

    August 27, 2017 at 6:50 pm #403800
    Hung Vu
    Member
    • Topics: 2
    • Replies: 6
    • ☆

    Hi Sir,
    I know that IAS 17 no longer exists but IFRS 16 is only effective from 2019 on wards, so if the question notes that we’re auditing the FSs for the year ended 30-Sep-17 then i don’t think the reference to IFRS 16 is appropirate.
    Please help me to clarify this point.
    Regards with thanks,
    Hung Vu

    August 27, 2017 at 10:43 pm #403827
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23203
    • ☆☆☆☆☆

    If IAS 17 no longer exists, why do you think that examiner could possibly ask a question on it?

    It would be like the F4 examiner asking a question about the Joint Stock Companies Act of 1876!

    IFRS 16 IS IN YOUR SYLLABUS AND IS LISTED UNDER EXAMINABLE DOCUMENTS

    You need no further clarification on this. 🙂

    OK?

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