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January 13, 2016 — IASB Issues Standard on Leases

Accounting Journal Entry

IASB Issues Standard on Leases

January 13, 2016 — Today, the IASB issued IFRS 16, Leases, which introduces a number of significant changes to the lease accounting model under IFRSs, including a requirement for lessees to recognize nearly all leases on their balance sheets.1 IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019. Early adoption is permitted; however, an entity cannot adopt this standard earlier than it adopts IFRS 15, Revenue From Contracts With Customers. For more information about the IASB’s new leases standard, see Deloitte’s January 13, 2016, IFRS in Focus.