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The Impact of IFRS No. 16 (Leases) on Zakat Base

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The introduction of IFRS No. 16 (Leases) has significant implications for lessees who elect to use the lease accounting model, particularly when it comes to calculating zakat base.

Options for Handling the Impact of IFRS No. 16

There are three primary options for handling the impact of IFRS No. 16 on zakat base:

Option 1: Consider the Asset Depreciable and Add the Lease Liability to the Closing Balance

• The minimum zakat base is affected by timing differences in the first years of the contract due to high interest rates.
• However, these differences are only timing differences on a year-by-year basis, and the total effect over the years of the contract equals zero.

Option 2: Canceling the Impact of IFRS No. 16

• The minimum zakat base is not affected, as canceling the impact means claiming on the basis of actual rent expense using accrual accounting.
• There are no differences between additions and deductions to Zakat base.

Option 3: Not Considering Any of the Above Options (Maintaining Period Expenses Without Adjustment)

• The minimum zakat base is affected by timing differences in the first years of the contract due to high interest rates, but these differences are only timing differences on a year-by-year basis.
• There are no differences between additions and deductions to Zakat base.

Conclusion

The impact of IFRS No. 16 on zakat base is complex and requires careful consideration. The three options outlined above each have their own implications for zakat accounting, and the best approach will depend on the specific circumstances of the lessee. It is essential to carefully evaluate these options and consider the potential consequences before making a decision.