IREIT Global Group Pte. Ltd - Annual Report 2015 - page 69

2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (CONTINUED)
IFRS 16 Leases
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requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless
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the lease liability into a principal portion and an interest portion and presents them in the statement of cash
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to be made in optional periods if the lessee is reasonably certain to exercise an option to extend the lease, or
not to exercise an option to terminate the lease.
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Instead of applying the recognition requirements of IFRS 16 described above, a lessee may elect to account
for lease payments as an expense on a straight-line basis over the lease term or another systematic basis for
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is permitted if IFRS 15 Revenue from Contracts with Customers has also been applied. The management is
currently evaluating the impact of IFRS 16.
Notes to the
Financial Statements
For the year ended 31 December 2015
IREIT Global ANNUAL REPORT 2015
67