International Financial Reporting Standard (IFRS) 16: Leases
Abstract
IFRS 16: Leases was issued on 13 January 2016; it replaces IAS 17 Leases. The new Standard is effective from 1st January 2019: early application is permitted, provided the recently issued revenue Standard, IFRS 15 Revenue from Contracts with Customers is also applied. IFRS 16 requires all leases to be reported on a company’s balance sheet as assets and liabilities.