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This lecture from Open Tuition covers the new accounting standard on leases, known as IFRS 16, issued by the IASB. It replaces the old standard, IAS 17. Before delving into the accounting rules, it defines a lease as a form of finance for acquiring assets. This standard is essential for understanding how leases are treated in financial statements. To benefit from the lecture, download the free lecture notes from Open Tuition's website.