Major projects of the International Accounting Standards Board (IASB) continue to press ahead, and the need for consistency remains key. Following the summer break, the first agenda item for the IASB was around a change in an existing standard (IFRS 16 Leases) regarding sale and leaseback transactions, specifically concerning the so-called ‘sweep’ issue.

This relates to how a seller-lessee applies IFRS 16 to measure the right-of-use asset and lease liability that arises in a sale and leaseback transaction.