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In this video, Sylvia from cpdbox.com covers the key principles of the IFRS 16 standard which has been in effect since 2016. The standard applies to periods starting on or after 1st January 2019 and replaces IAS 17. There have been amendments to the standard related to COVID concessions and IBOR reform, but these do not impact the main principles. The objective of IFRS 16 is to specify principles for lease recognition, measurement, presentation, and disclosure. Scope exceptions will be discussed in detail.