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A lease is defined as a contract that grants the right to use an identified asset from a lessor to a lessee for a specified period in exchange for consideration. The core of the explanation revolves around defining what constitutes a 'Right to Use.' The document outlines that for a lessee to have the right to use an asset, they must possess both the right to obtain substantially all of the economic benefits derived from the asset's use throughout the period of use, and the right to direct the actual use of the asset. Directing the use encompasses the lessee's authority to make decisions regarding how and for what purpose the asset is utilized. Crucially, protective rights held by the lessor do not negate the lessee's right to direct the asset's use. Furthermore, the document clarifies that if a lessee controls the use of an identified asset for only a portion of the contract term, the contract is considered to contain a lease for that specific portion of the term. This detailed explanation is vital for accounting professionals and businesses to correctly identify and account for lease agreements under IFRS 16, ensuring accurate financial reporting regarding leased assets and liabilities.",{"@graph":69,"@context":105},[70,84],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/ifrs-16-leases-right-of-use/24565/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/ifrs-16-leases-right-of-use/24565.png","ImageObject",300,407,{"name":92,"@type":93},"Patrick","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-09-18","2026-05-07",true,{"@type":102,"interactionType":103,"userInteractionCount":81},"InteractionCounter",{"@type":104},"ViewAction","https://schema.org",{"og:url":107,"og:type":108,"og:title":65,"og:site_name":95,"og:description":67},"https://docshare.wps.com/document/ifrs-16-leases-right-of-use/24565","article",{"robots":110,"canonical":107},"index,follow",{"doc_id":112,"site_id":62},24565,1778189174,{"code":4,"msg":5,"data":115},{"doc_id":112,"user_id":116,"nickname":92,"user_avatar":117,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":66,"file_id":118,"file_url":119,"file_type":120,"file_size":121,"view_count":81,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":14,"language":122,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":66,"faqs":66,"seo_title":123,"seo_description":67,"update_tm":113,"read_time":24},549758146520,"https://ap-avatar.wpscdn.com/avatar/80002397d8c0411e94?_k=1775819394049821470","cbCainJjq7Gw2dFz","https://ap.wps.com/l/cbCainJjq7Gw2dFz","pdf",1945554,"English","IFRS 16 Leases Right of Use | PDF"]