IFRS 16 Leases comes into force for years commencing on or after 1 January 2019, which means that the transition date (the opening date of the comparative period) for December year ends has just passed. Bearing this in mind, if you have not yet started work on your IFRS 16 impact assessment, it is time to get busy. This standard is likely to affect you. It is a rare business that has no operating leases at all.

At this stage, the standard applies only to IFRS reporters. So if you use FRS 102, you do not need to worry about IFRS 16 yet, although the Financial Reporting Council (FRC) are very likely to bring it into FRS 102 at the next Triennial Review.