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This video summarizes the main principles of the IFRS 16 lease standard that has been in effect since 2016. The new standard applies to periods beginning on or after January 1, 2019, replacing the previous standard IAS 17. Amendments to the standard mainly address COVID-related concessions and IBOR reform but do not impact the core principles. IFRS 16 outlines recognition, measurement, presentation, and disclosure of leases. Scope exceptions will be discussed after explaining the principles. Visit cpdbox.com for more information and study materials.