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This video summarizes the main principles of the IFRS 16 standard, which has been in effect since 2016. The new standard is applicable for all periods starting on or after January 1, 2019, replacing IAS 17. Amendments have been made to the standard, mostly related to COVID concessions and interbank interest rate reform, but these do not affect the main principles. The objective of IFRS 16 is to specify principles for the recognition, measurement, presentation, and disclosure of leases. Scope exceptions will also be discussed.