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Challenge and solution
On 13 January 2016, the International Accounting Standards Board ("IASB") published the new leases standard (IFRS 16), which will be effective on 1 January 2019. The new standard fundamentally changes the accounting for lessees and will have a significant impact on many companies across various industries, especially those operating in Transportation and Logistics, Retail and Consumer, Telecommunications and Energy & Utilities. This breaking news summarises the key changes, impact and challenges that may be encountered and also proposes some solutions as companies prepare for the transition.