New Accounting Standard Would Have Boosted Tesco's Profits, Retailer Says
The IFRS 16 standard introduces a new accounting model for leases, and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.
Tesco will be first implementing the IFRS 16 model to its 2019/20 interim results, due in October, however the retailer has adopted the standard retrospectively to its full year figures from last year, which were published at the start of April.
Try European Supermarket Magazine PREMIUM – 30 Day FREE Trial.
A trial subscription gives unrestricted access to all premium site content, app content, weekly email content and European Supermarket Magazine digital edition for a full 30 days. Try it now!