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IFRS Update

22 March 2017

IFRS 16 is effective from January 1, 2019. The IASB issued IFRS 16 in January 2016. It replaces the previous standard, IAS 17 leases. IFRS 16 eliminates the classification of leases as either operating or finance leases. Instead, all leases are treated in a similar way to finance leases applying IAS 17.