The International Accounting Standards Board (IASB) has issued a new accounting International Financial Reporting Standard on leases. IFRS 16 Leases replaces the old 17. The big change is a requirement to show operating leases on the balance sheet, to better reflect economic reality. The only exceptions are for leases less than 1 year and small ticket items. The new IFRS 16 will be effective from January 2019.
Tax Barrister, Accountant