The International Accounting Standards Board issued the long-awaited lease accounting standard that it has been developing for over a decade with the Financial Accounting Standards Board, which is also expected to release its version of the standard early this year.

Both the IASB and FASB versions of the leasing standard will bring leases onto company balance sheets for the first time, but will differ in some key aspects. The IASB's version for International Financial Reporting Standards, known as IFRS 16 Leases, replaces accounting requirements introduced more than 30 years ago and is a major revision of the way in which companies account for leases.

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