Under IFRS 16, to determine who has the right to control an identified asset for period of time, the following criteria must be assessed:
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The power to direct the use of the identified asset: This refers to the right to decide how, when, and where the asset is used.
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The right to obtain substantially all the economic benefits: This means assessing if the user is entitled to the majority of the economic benefits produced by the identified asset during the agreed-upon usage period.
The right to operate the identified asset is not explicitly mentioned in the context of IFRS 16 as a criterion for control, but the power to direct the use typically includes the right to operate it as per the entity's discretion.
The right to obtain some of the economic benefits is not a criterion under IFRS 16 for determining control over an identified asset; it's the right to obtain "substantially all" the economic benefits that is relevant.
In summary, according to IFRS 16, the key criterion for control is the power to direct the use of the identified asset, which inherently includes the right to determine the use, purpose, and manner of using the asset, entailing that the user will obtain almost all the economic benefits from its use.
