On January 12, 2016, the International Accounting Standards Board issued its much-anticipated leases standard, IFRS 16. The standard will require all leases to be reported on a company’s balance sheets as assets and liabilities.
IFRS 16 began as a convergence project with the FASB. However, the boards were unable to reach consensus on some key issues, and some significant differences between IFRS 16 and the new FASB standard remain. For more information about the IFRS 16, see the IASB’s webpage at iasb.org.