Application of IFRS 16 to miners
January 07, 2019
IFRS 16 Leases is the new accounting standard that will likely to cause significant changes to mining companies' financial statements. This standard requires miners to recognize most leases on their balance sheet as lease liabilities with a corresponding right of use asset.
As a result, the following contracts could be within the scope of IFRS 16:
- Property and asset rental agreements
- Mining services and construction contracts
- Power supply contracts
- Transportation and shipping agreements
- Contracts for mine camps
- Service agreements, which include the use of assets
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