January 2016 should see the publication of the much trailed new standard on leases, which will become IFRS 16, by the International Accounting Standards Board (IASB) .

For many companies arguably this standard will have the most significant impact of any new standard on the presentation of their financial statements since International Financial Reporting Standards (IFRS) was adopted across the EU in 2005.

As has been widely advertised, the most important change will be to bring leases which were formerly accounted for as operating leases onto the balance sheet of lessors.