By  on January 2, 2019

IFRS 16, a new accounting rule that changes the way leases are handled in financial accounting, came into force at the start of the year.

The new norms were drawn up as part of efforts from global and American accounting rulemaking bodies — the International Accounting Standards Board and the Financial Accounting Standards Board — to add transparency to financial reporting by requiring more accurate communication of long-term commitments under lease contracts.

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