IFRS 16: Accounting Treatment of Leases
In January 2016, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard 16 (IFRS 16) on leases, which has revolutionized the accounting world by completely changing the way companies must account for leases in their financial statements. IFRS 16 became effective January 1, 2019, replacing the previous IAS 17 Leases.