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IASB issues new Accounting Standard on leases (IFRS 16)

IASB issues new Accounting Standard on leases (IFRS 16)

The International Accounting Standards Board has today issued a new accounting Standard on leases.

The main change introduced by the standard is that leases will be brought onto the balance sheet, increasing the visibility of companies’ assets and liabilities.

Short-term leases (less than 12 months) and leases of low-value assets are exempt from the requirements.

The new standard is effective from 1 January 2019 for companies preparing their accounts under International Accounting Standards.

For more information please see our technical update [1].