Guernsey has published GSCCA Circular 16 of 30 November 2020 concerning the effect of International Financial Reporting Standard (IFRS) 16 in relation to operating leases. --- International Financial Reporting Standard (IFRS)16 - Leases IFRS16 is effective for accounting periods commencing on or after 1 January 2019, with earlier application permitted. Under this standard the profit and loss account for operating leases will include a depreciation charge in respect of the right of use of the asset, and an interest element. Depreciation is a non-deductible expense for Guernsey tax purposes. Under the Income Tax (Guernsey) Law 1975, annual allowances (in lieu...