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Welcome! Within our firm profile, we take you through the journey of who we are, and extensivly review what services we provide for our clients. The firm profile is the easiest way of getting to know us. 

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Anant Bhatt LLP has devised a taxation calendar for the year 2024. Specific highlight has been given to the filing dates of:

1. Pay As You Earn (PAYE)
2. National Health Insurance Fund (NHIF)
3. National Social Security Fund (NSSF)
4. Catering Levy
5. Higher Education Loan Board (HELB)
6. Value Added Tax (VAT)
7. Withholding Tax
8. Excise Duty
9. Standard Levy
10. Rental Income Tax
11. Installment Tax
12. Self Assessment Tax Returns
13. Agriculture Tax

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The Finance Act (“the Act”), 2023 received Presidential assent on 26th June 2023. Most of the changes will be effective from 1st July 2023, unless specified otherwise. The Act proposes to amend the following Laws: Income Tax Act (ITA), Value Added Tax (VAT) Act, Excise Duty Act, Tax Procedures Act (TPA), Tax Appeals Tax Act (TAT), Employment Act, 2007, the Miscellaneous Fees and Levies Act, 2016, the Betting, Gaming and Lotteries Act, Kenya Roads Board Act, the Kenya Revenue Authority Act, amongst others.

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Anant Bhatt LLP has devised a taxation calendar for the year 2023. Specific highlight has been given to the filing dates of:

1. Pay As You Earn (PAYE)
2. National Health Insurance Fund (NHIF)
3. National Social Security Fund (NSSF)
4. Catering Levy
5. Higher Education Loan Board (HELB)
6. Value Added Tax (VAT)
7. Withholding Tax
8. Excise Duty
9. Standard Levy
10. Rental Income Tax
11. Installment Tax
12. Self Assessment Tax Returns
13. Agriculture Tax

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The Finance Act (“the Act”), 2022 has now received the required Presidential assent on the 21st of June 2022. Most of the changes will be effective from 1St July 2022, with the remaining on 1st January 2023. Most of the proposed changes in the Finance Bill, 2022 have been maintained in the Act, with a few additions. This publication will cover the changes that were maintained in the Finance Act, any new additions that were not previously included in the Finance Bill and proposals in the Finance Bill that were not passed as law by the Finance Act. Some of the highlights of the Act are as follows:

• Increase in Capital Gains Tax rate from 5% to 15%;
• Transfer pricing and reporting requirements for multinational enterprises;
• Introduction of withholding tax on gains from financial derivatives;
• Restriction on VAT return amendments to prevent deduction of input tax that is more than 6 months.

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The Finance Bill, 2022 was tabled to the National Assembly on 12 April 2022 for the first reading. This comes just a few days after the reading of the National Budget by the Cabinet Secretary of National Treasury on 7th April 2022. The proposals in the Bill are significant and may have an impact on the businesses of several taxpayers. It appears that the National Treasury is continuing to pursue a policy of revenue mobilisation by increasing tax rates, expansion of tax base and reduction of tax exemptions and incentives. The Bill proposes to amend the following Laws: Income Tax Act (“ITA”), Value Added Tax Act, 2013 (“VAT Act”), Excise Duty Act, 2015, Tax Appeals Tribunal Act (“TAT Act”), Tax Procedures Act (“TPA”), the Miscellaneous Fees and Levies Act, 2016 (“MFLA”), Evidence Acts, Capital Markets Act, Retirement Benefits Act, Insurance Act, Unclaimed Financial Assets Act, 2011 and the Statutory Instruments Act, 2013.

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Following the presentation of the 2022/23 Budget Speech by the Cabinet Secretary for the National Treasury, Anant Bhatt LLP has prepared budget highlights summarizing the key tax and related measures as well as priorities and reforms proposed for various sectors. #ThePowerOfExperience

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Anant Bhatt LLP has devised a taxation calendar for the year 2022. Specific highlight has been given to the filing dates of:

1. Pay As You Earn (PAYE)
2. National Health Insurance Fund (NHIF)
3. National Social Security Fund (NSSF)
4. Catering Levy
5. Higher Education Loan Board (HELB)
6. Value Added Tax (VAT)
7. Withholding Tax
8. Excise Duty
9. Standard Levy
10. Rental Income Tax
11. Installment Tax
12. Self Assessment Tax Returns
13. Agriculture Tax

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The World Bank has issued a publication outlining the major areas of doing business in Kenya. The publication looks at the following areas in depth:
 

1. Starting a business
2. Dealing with construction permits
3. Getting electricity
4. Registering property
5. Getting credit
6. Protecting minority investors
7. Paying taxes
8. Trading across borders
9. Enforcing contracts
10. Resolving insolvency
11. Employing workers

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Kenya’s FY 2021/22 budget is being presented at a time when the global economy is emerging from recession due to the pandemic. The budget aims at addressing concerns arising from the difficulties in accessing Covid 19 vaccines, high cost of living, unemployment, stimulating private sector growth and the rising public debt. The Anant Bhatt LLP publication covers a wide range of areas of the budget including:
 

1. Kenyan economy overview
2. Sector overview
3. Income tax
4. VAT
5. Excise duty
6. Tax procedures act
7. Miscellaneous fees & levies
8. Capital markets act
9. Insurance act

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The proposed changes in the Finance Bill, 2021 (Bill) indicate a clear intent by the government to align its tax legislation with international best practice as it seeks to increase its tax revenues. The proposals are heavily inspired by the recent changes by the Organization for Economic Co-operation and Development (OECD) relating to tax and the prevention of profit shifting to low tax jurisdictions.

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The new beneficial ownership regulation requirements of the law states that every company is now required to keep a register of its beneficial owners, and also maintain a copy of it with the Registrar of Companies. On 16th October 2020, the Registrar of Companies began operations of the Beneficial Ownership E-Register, with effect from 13th October 2020. The final date for compliance is 31st January 2021.

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Anant Bhatt LLP has devised a taxation calendar for the year 2021. Specific highlight has been given to the filing dates of:

1. Pay As You Earn (PAYE)
2. National Health Insurance Fund (NHIF)
3. National Social Security Fund (NSSF)
4. Catering Levy
5. Value Added Tax (VAT)
6. Withholding Tax
7. Excise Duty
8. Standard Levy
9. Rental Income Tax
10. Installment Tax
11. Self Assessment Tax Returns
12. Agriculture Tax

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On Saturday 25th April 2020, the President of Kenya H.E. Uhuru Kenyatta was presented with 'The Tax Laws (Amendment) Bill, 2019', by the Speaker of the National Assembly: Justin Muturi, and Speaker of the Kenyan Senate: Ken Lusaka. The Bill was subsequently signed and assented into law. The now 'Tax Laws (Amendments) Act, 2020' aims to boost the Kenyan economy through various tax collections for the treasury. The Act within all clauses, has amended 6 previously existing laws. These are namely:
 

1. Income Tax Act (CAP 470)
2. Value Added Tax Act of 2013
3. Excise Duty Act (2015)
4. Tax Procedures Act (2015)
5. Miscellaneous Levies and Fees Act (2016)
6. Retirement Benefits Act, 1997

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Date: 11/10/2020 - The Commissioner General (CG) of the Kenya Revenue Authority (KRA) has published Legal Notice No. 194 prescribing new specific rates of excise duty for various excisable products. The publication of the Legal Notice by the CG is in accordance with the provision of Section 10 of the Excise Duty Act, 2015 which gives the CG powers to adjust the specific rates of excise duty taking into account inflation.

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In Kenya, H.E. Uhuru Kenyatta announced a countywide curfew (The Public Order Act, Legal Notice No.36) from 7 pm to 5 am starting Friday in response to the Covid-19 pandemic. A number of measures were announced on 25/3/2020 to help all Kenyans cope with the expected economic turmoil.

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On Wednesday 18th March 2020, the President of Kenya H.E. Uhuru Kenyatta was presented with 'The Business (Amendment) Bill, 2019', by the Speaker of the National Assembly: Justin Muturi, and Speaker of the Kenyan Senate: Ken Lusaka. The Bill was subsequently signed and assented into law. The now 'Business (Amendments) Act, 2020' aims to boost the Kenyan economy through improved ease of doing business. The Act within its 43 clauses, has amended 16 existing laws. These are namely:

1. The Law of Contract Act (Cap. 23)
2. The Industrial Training Act (Cap. 237)
3. The Registration of Documents Act (Cap. 285)
4. The Survey Act (Cap. 299)
5. The Income Tax Act (Cap. 470)
6. The Stamp Duty Act (Cap. 480)
7. The Kenya Information and Communication Act (No. 2 of 1998)
8. The Occupational Safety and Health Act (No. 15 of 2007)
9. The National Construction Authority Act (No. 41 of 2011)
10. The Land Registration Act (No. 3 of 2012)
11. The Public Finance Management Act (No. 18 of 2012)
12. The Companies Act (No. 17 of 2015)
13. The Business Registration Service Act (No.17 of 2015)
14. The Insolvency Act (No. 18 of 2015)
15. The Excise Duty Act (No. 23 of 2015)
16. The Miscellaneous Fees and Levies Act (No. 29 of 2016)

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Anant Bhatt LLP has devised a taxation calendar for the year 2020. Specific highlight has been given to the filing dates of:

1. Pay As You Earn (PAYE)
2. National Health Insurance Fund (NHIF)
3. National Social Security Fund (NSSF)
4. Catering Levy
5. Value Added Tax (VAT)
6. Withholding Tax
7. Excise Duty
8. Standard Levy
9. Rental Income Tax
10. Installment Tax
11. Self Assessment Tax Returns
12. Agriculture Tax

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The Finance Act, 2019 (FA2019) has received assent by the President on 7th November 2019. The Act sets a number of foundational changes to the taxation collection measures in Kenya. The changes are in lieu with the government's Big Four Agenda. A number of changes have occurred in respect to:

1. Income Tax 
2. Excise Duty 
3. VAT 
4. Tax Procedures Act
5. Customs Duty.

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The President of Kenya, H.E Uhuru Kenyatta, in an attempt to battle corruption and other financial crimes, on 5 th July 2019, assented to Statute Law (Miscellaneous Amendments) Act No. 12 of 2019. The changes in the Companies Act, 2015 are related to sections 93 and 611 of the Act, thereby affecting beneficial ownership and take-over bids respectively.

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Anant Bhatt LLP has prepared a document setting out the scope set by the Government of Kenya in respect to the announced 2019/20 annual budget. The publication looks to cover a number of areas including:

1. Kenya overview
2. Budget allocations
3. Income tax
4. Corporate tax
5. Value Added Tax (VAT)
6. Excise duty
7. Proposed income tax bill, 2019
8. Tax procedure act changes
9. Industry breakdown

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Anant Bhatt LLP has devised a taxation calendar for the year 2020. Specific highlight has been given to the filing dates of:

1. Pay As You Earn (PAYE)
2. National Health Insurance Fund (NHIF)
3. National Social Security Fund (NSSF)
4. Catering Levy
5. Value Added Tax (VAT)
6. Withholding Tax
7. Excise Duty
8. Standard Levy
9. Rental Income Tax
10. Installment Tax
11. Self Assessment Tax Returns
12. Agriculture Tax

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Anant Bhatt LLP adheres to a strict code of core values. These values are what built the firm since its inception in 1949, and continue to guide us. Within the document, we outline to our stakeholders the key aspects we feel are valuable for a successful business relationship.

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The High Court (“Court”) delivered on 20 September 2021 a judgement in the case of Stanley Waweru- Chairman & 3 others (Suing as Officials of Kitengela Bar Owners Association) v National Assembly & 2 others, Constitutional Petition Nos. E005 of 2021 (Consolidated with petition No 1. of 2021). In this judgement, the High Court declared that the ‘minimum tax’ provisions in the Kenya Income Tax Act to be unconstitutional.

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The High Court sitting in Machakos has issued conservatory orders temporarily suspending KRA's implementation of the 1% Minimum Tax pending the hearing and determination of the Petition. The Petition had been filed by Isinya Bar Owners Association and Kenya Association of Manufacturers.

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The Tax Appeals Tribunal (TAT) delivered a judgement on 01 April 2021 in the case of McKinsey v Kenya Revenue Authority (KRA) in regard to the application of withholding tax on professional fees under the Kenya – South Africa double tax treaty (DTT). The tribunal made it clear that in the event a double tax treaty does not contain a separate management or professional fees article, professional fees would ordinarily be classified as business profits thereby not subjecting them to withholding tax in Kenya. The ruling is in line with guidance provided by the Organization for Economic Cooperation and Development (OECD).

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Anant Bhatt LLP explores the details of IAS 1: Presentation of Financial Statements. It lays out the guidelines for the presentation of financial statements and sets out minimum requirements of their content; it is applicable to all general purpose financial statements that are based on International Financial Reporting Standards (IFRS).

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Anant Bhatt LLP explores the details of IAS 2: Inventories. It provides guidance on the valuation and classification of inventories.

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Anant Bhatt LLP explores the details of IAS 7: Statement of Cash Flows. The objective of IAS 7 is to require the presentation of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows, which classifies cash flows during the period according to operating, investing, and financing activities.

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Anant Bhatt LLP explores the details of IAS 8: Accounting Policies, Changes in Accounting Estimates & Errors. The standard requires compliance with any specific IFRS applying to a transaction, event or condition, and provides guidance on developing accounting policies for other items that result in relevant and reliable information. Changes in accounting policies and corrections of errors are generally retrospectively accounted for, whereas changes in accounting estimates are generally accounted for on a prospective basis.

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Anant Bhatt LLP explores the details of IAS 10: Events After The Reporting Period. The standard contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. Adjusting events are those providing evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are indicative of conditions arising after the reporting period (the latter being disclosed where material).

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Anant Bhatt LLP explores the details of IAS 12: Income Taxes. The standard implements a so-called 'comprehensive balance sheet method' of accounting for income taxes which recognises both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity's assets and liabilities. Differences between the carrying amount and tax base of assets and liabilities, and carried forward tax losses and credits, are recognised, with limited exceptions, as deferred tax liabilities or deferred tax assets, with the latter also being subject to a 'probable profits' test.

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Anant Bhatt LLP explores the details of IAS 16: Property, Plant & Equipment. The standard outlines the accounting treatment for most types of property, plant and equipment. Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life.

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Anant Bhatt LLP explores the details of IAS 19: Employee Benefits. The standard outlines the accounting requirements for employee benefits, including short-term benefits (e.g. wages and salaries, annual leave), post-employment benefits such as retirement benefits, other long-term benefits (e.g. long service leave) and termination benefits. The standard establishes the principle that the cost of providing employee benefits should be recognised in the period in which the benefit is earned by the employee, rather than when it is paid or payable, and outlines how each category of employee benefits are measured, providing detailed guidance in particular about post-employment benefits.

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Anant Bhatt LLP explores the details of IAS 20: Government Grants. The standard outlines how to account for government grants and other assistance. Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred income or deducting it from the carrying amount of the asset.

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Anant Bhatt LLP explores the details of IAS 21: The Effects of Changes in Foreign Exchange Rates. The standard outlines how to account for foreign currency transactions and operations in financial statements, and also how to translate financial statements into a presentation currency. An entity is required to determine a functional currency (for each of its operations if necessary) based on the primary economic environment in which it operates and generally records foreign currency transactions using the spot conversion rate to that functional currency on the date of the transaction.

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Anant Bhatt LLP explores the details of IAS 23: Borrowing Costs. The standard requires that borrowing costs directly attributable to the acquisition, construction or production of a 'qualifying asset' (one that necessarily takes a substantial period of time to get ready for its intended use or sale) are included in the cost of the asset. Other borrowing costs are recognised as an expense.

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Anant Bhatt LLP explores the details of IAS 24: Related Party Disclosures. The standard requires disclosures about transactions and outstanding balances with an entity's related parties. The standard defines various classes of entities and people as related parties and sets out the disclosures required in respect of those parties, including the compensation of key management personnel.

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Anant Bhatt LLP explores the details of IAS 26: Retirement Benefits. The standard outlines the requirements for the preparation of financial statements of retirement benefit plans. It outlines the financial statements required and discusses the measurement of various line items, particularly the actuarial present value of promised retirement benefits for defined benefit plans.

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Anant Bhatt LLP explores the details of IAS 28: Investments in Associates & Joint Ventures. The standard outlines how to apply, with certain limited exceptions, the equity method to investments in associates and joint ventures. The standard also defines an associate by reference to the concept of "significant influence", which requires power to participate in financial and operating policy decisions of an investee (but not joint control or control of those polices).

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Anant Bhatt LLP explores the details of IAS 32: Financial Instruments - Presentation. The standard outlines the accounting requirements for the presentation of financial instruments, particularly as to the classification of such instruments into financial assets, financial liabilities and equity instruments. The standard also provide guidance on the classification of related interest, dividends and gains/losses, and when financial assets and financial liabilities can be offset.

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Anant Bhatt LLP explores the details of IAS 33: Earnings Per Share. The standard sets out how to calculate both basic earnings per share (EPS) and diluted EPS. The calculation of Basic EPS is based on the weighted average number of ordinary shares outstanding during the period, whereas diluted EPS also includes dilutive potential ordinary shares (such as options and convertible instruments) if they meet certain criteria.

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Anant Bhatt LLP explores the details of IAS 34: Interim Financial Reporting. The standard applies when an entity prepares an interim financial report, without mandating when an entity should prepare such a report. Permitting less information to be reported than in annual financial statements (on the basis of providing an update to those financial statements), the standard outlines the recognition, measurement and disclosure requirements for interim reports.

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Anant Bhatt LLP explores the details of IAS 36: Impairment of Assets. The standard seeks to ensure that an entity's assets are not carried at more than their recoverable amount (i.e. the higher of fair value less costs of disposal and value in use). With the exception of goodwill and certain intangible assets for which an annual impairment test is required, entities are required to conduct impairment tests where there is an indication of impairment of an asset, and the test may be conducted for a 'cash-generating unit' where an asset does not generate cash inflows that are largely independent of those from other assets.

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Anant Bhatt LLP explores the details of IAS 37: Provisions, Contingent Liabilities & Contingent Assets. The standard outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Provisions are measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the present obligation, and reflects the present value of expenditures required to settle the obligation where the time value of money is material.

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Anant Bhatt LLP explores the details of IAS 38: Intangible Assets. The standard outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortised on a systematic basis over their useful lives (unless the asset has an indefinite useful life, in which case it is not amortised).

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Anant Bhatt LLP explores the details of IAS 40: Investment Property. The standard outlines the requirements for the recognition and measurement of financial assets, financial liabilities, and some contracts to buy or sell non-financial items. Financial instruments are initially recognised when an entity becomes a party to the contractual provisions of the instrument, and are classified into various categories depending upon the type of instrument, which then determines the subsequent measurement of the instrument (typically amortised cost or fair value). Some rules apply to embedded derivatives and hedging instruments.

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Anant Bhatt LLP explores the details of IAS 41: Agriculture. The standard sets out the accounting for agricultural activity – the transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity's biological assets). The standard generally requires biological assets to be measured at fair value less costs to sell.

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Anant Bhatt LLP explores the details of IFRS 1: First Time Adoption Of IFRS.

The main objective of IFRS 1 is to ensure that the entity’s financial statements that firstly adopted IFRS contain high quality of information for the benefit of users of Financial Statement. It attempts to ensure that transitional cost does not exceed the benefit of adoption along with with the guidance on how and where to start its first-time adoption.

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Anant Bhatt LLP explores the details of IFRS 2: Share Based Payments. The standard requires an entity to recognise share-based payment transactions (such as granted shares, share options, or share appreciation rights) in its financial statements, including transactions with employees or other parties to be settled in cash, other assets, or equity instruments of the entity. Specific requirements are included for equity-settled and cash-settled share-based payment transactions, as well as those where the entity or supplier has a choice of cash or equity instruments.

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Anant Bhatt LLP explores the details of IFRS 3: Business Combinations. The standard outlines the accounting when an acquirer obtains control of a business (e.g. an acquisition or merger). Such business combinations are accounted for using the 'acquisition method', which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date.

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Anant Bhatt LLP explores the details of IFRS 4: Insurance Contracts. The standard applies, with limited exceptions, to all insurance contracts (including reinsurance contracts) that an entity issues and to reinsurance contracts that it holds. 

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Anant Bhatt LLP explores the details of IFRS 5: NCA Held For Sale & Discontinued Operations. The standard outlines how to account for non-current assets held for sale (or for distribution to owners). In general terms, assets (or disposal groups) held for sale are not depreciated, are measured at the lower of carrying amount and fair value less costs to sell, and are presented separately in the statement of financial position. Specific disclosures are also required for discontinued operations and disposals of non-current assets.

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Anant Bhatt LLP explores the details of IFRS 6: Minerals. The standard has the effect of allowing entities adopting the standard for the first time to use accounting policies for exploration and evaluation assets that were applied before adopting IFRSs. It also modifies impairment testing of exploration and evaluation assets by introducing different impairment indicators and allowing the carrying amount to be tested at an aggregate level (not greater than a segment).

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Anant Bhatt LLP explores the details of IFRS 7: Financial Instruments - Disclosures. The standard requires disclosure of information about the significance of financial instruments to an entity, and the nature and extent of risks arising from those financial instruments, both in qualitative and quantitative terms. Specific disclosures are required in relation to transferred financial assets and a number of other matters.

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Anant Bhatt LLP explores the details of IFRS 8: Operating Segments. The standard requires particular classes of entities (essentially those with publicly traded securities) to disclose information about their operating segments, products and services, the geographical areas in which they operate, and their major customers. Information is based on internal management reports, both in the identification of operating segments and measurement of disclosed segment information.

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Anant Bhatt LLP explores the details of IFRS 9: Financial Instruments. The standard includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting. The IASB completed its project to replace IAS 39 in phases, adding to the standard as it completed each phase.

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Anant Bhatt LLP explores the details of IFRS 10: Consolidated Financial Statements. The standard outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.

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Anant Bhatt LLP explores the details of IFRS 11: Joint Arrangements. The standard outlines the accounting by entities that jointly control an arrangement. Joint control involves the contractually agreed sharing of control and arrangements subject to joint control are classified as either a joint venture (representing a share of net assets and equity accounted) or a joint operation (representing rights to assets and obligations for liabilities, accounted for accordingly).

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Anant Bhatt LLP explores the details of IFRS 12: Disclosure of Interests In Other Entities. The standard is a consolidated disclosure standard requiring a wide range of disclosures about an entity's interests in subsidiaries, joint arrangements, associates and unconsolidated 'structured entities'. Disclosures are presented as a series of objectives, with detailed guidance on satisfying those objectives.

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Anant Bhatt LLP explores the details of IFRS 13: Fair Value Measurements. The standard applies to IFRSs that require or permit fair value measurements or disclosures and provides a single IFRS framework for measuring fair value and requires disclosures about fair value measurement. The Standard defines fair value on the basis of an 'exit price' notion and uses a 'fair value hierarchy', which results in a market-based, rather than entity-specific, measurement.

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Anant Bhatt LLP explores the details of IFRS 14: Deferrals. The standard permits an entity which is a first-time adopter of International Financial Reporting Standards to continue to account, with some limited changes, for 'regulatory deferral account balances' in accordance with its previous GAAP, both on initial adoption of IFRS and in subsequent financial statements. Regulatory deferral account balances, and movements in them, are presented separately in the statement of financial position and statement of profit or loss and other comprehensive income, and specific disclosures are required.

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Anant Bhatt LLP explores the details of IFRS 15: Revenue From Contracts With Customers. The standard specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers.

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Anant Bhatt LLP explores the details of IFRS 16: Leases. The standard specifies how an IFRS reporter will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17.