This includes developments in International Financial Reporting Standards (IFRS) and both direct and indirect tax issues. A key focus for many years has been the development of new international lease accounting rules under IFRS 16, which were implemented in 2019, where Leaseurope engaged extensively with bodies like the International Accounting Standards Board (IASB) and European Financial Reporting Advisory Group (EFRAG).
Our current priorities focus on supporting member associations when dealing with national accounting standard setters after the release of IFRS 16, in addition to other files.
Support members national advocacy regarding IFRS 16 standards being transferred to local GAAP, monitor market response to IFRS 16 implementation and prepare guidance material where necessary. See our dedicated webpage on IFRS 16.
IFRS for SMEs
Closely follow developments regarding a new European accounting standard for SMEs and ensure that this does not hinder their ability to access leased equipment simply and efficiently.
Identify leasing specific impacts of IFRS 9 and how this affects other regulations like capital requirements.
European tax regimes
Evaluate and respond to relevant developments regarding the European VAT regime, including possible knock-on effects of IFRS 16 and European Court of Justice rulings.