The International Accounting Standards Board (IASB) is an independent international organization that develops and sets accounting standards known as International Financial Reporting Standards (IFRS). The IASB's primary goal is to create a single set of high-quality, globally accepted accounting standards to enhance transparency, comparability, and consistency in financial reporting worldwide.
Regarding lease accounting, the IASB introduced IFRS 16, which became effective for reporting periods beginning on or after January 1, 2019. IFRS 16 replaced the previous standard, IAS 17, and significantly changed the accounting treatment for leases.
For more, visit www.ifrs.org