18.4 Transition relief for leases ending within 12 months and low value assets lease

Use the section, IFRS 16 scope, to identify these leases:

If your lease falls under one of these categories and you decide to use the relief, information about lease payments and periods must be completed:

We recommend that after completion of the relevant information for short term or low asset value leases, consider moving these contracts to a separate library, called Short term or low value leases, if you want them to be separated from other contracts. Use the Move function under the cogwheel. If they’re included with other contracts, they won’t be included in the calculation of the lease liability or ROU asset.

In Excel, short-term lease and low asset value lease are both included in the overview. The details about lease payments, however, are not available for individual contracts, since the lease payments are not part of the lease liability and ROU asset.

To sort these contracts, use the filter as illustrated below:

To show Low asset value leases:

To show Short-term leases:

These are also included in the note disclosures (Expenses relating to short-term leases and Expenses relating to a lease of low-value assets, excluding short-term leases of low-value assets).

Please note that you don’t need to include these leases in footnote disclosures. If you have a significant number of short term- and/ or low asset value leases, information about expenses are easier to monitor by separating the expense in the financial statement.