The new IFRS Standard is effective for annual reporting periods
beginning on or after January 1, 2019.
The FASB decided that its lease standard will be effective for
public companies with fiscal years (and interim periods within
those fiscal years) beginning on or after December 15, 2018. For
private companies, the standard will be effective one year
later.
It was last updated by IASB in Feb 2018
Unlike previous method's recognition requirements, new IFRS
allows leasee to elect lease payments as an expenses for leases
with a lease term of 12 months or less and containing no purchase
options and eases where the underlying asset has a low value when
new.
Under the new Standard, IFRS 16, Leases, a lessee
recognizes a right-of-use asset and a lease liability
A front load expenses arising when lessee recognizes right of
use is amortized as straight line and given effect in income
statement.