IFRS 16 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) that provides guidance on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that present their financial statements in accordance with IFRS as of January 1, 2019. Upon its entry into force, it replaced the former standard on leases, IAS 17.