Transportation and logistics breaking news - New leases standard (IFRS 16)

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Jan 2016

New leases standard (IFRS 16) is published and will change the business decision of transportation and logistics companies!

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 lease transactions and will have a significant impact to the transportation and logistics companies (in particular for those in shipping and aviation sectors). This breaking news summarise the main aspects of the new standard and highlights some key challenges and questions that management of transportation and logistics companies may encounter as they prepare for the transition.