This document summarizes the key impacts of IFRS 16, the new lease accounting standard. It notes that IFRS 16 will require most leases to be brought onto companies' balance sheets, increasing reported assets and liabilities. This will significantly impact lessees' financial statements by increasing assets and liabilities. It will also affect reported metrics like gearing, EBITDA, and interest coverage ratios. The new standard provides a revised definition of a lease and new guidance for measuring lease liabilities. It allows for certain transition options but seeks to improve transparency around companies' lease obligations.