In 2005, the US Security and Exchange Commission (SEC) reported that approximately US $1.25 trillion of off-balance sheet leases are within the financial statement of US public companies. Responding to these concerns for the lack of transparent presentation, the IASB and FASB undertook a joint project to improve lease accounting. In light of these developments, a new standard under IFRS 16 was codified by the International Standard Board (IASB) and published in 2016. The purpose of this study is to examine comparisons between new IFRS 16, the old IAS 17 under International Accounting Standards, and the new US FASB standard on leases. Secondly, this article addresses the impact the changes will have on the financial statements. The study's methodology was to source for academic journal articles on leases and compare them with current standard on leases. The findings from this study note that while the new IFRS 16 is not significantly different from the FASB standards; areas of differentiation exist. This study will be beneficial to practitioners, academicians, analysts, and other users of financial information seeking knowledge and understanding of this new leasing standard. [ABSTRACT FROM AUTHOR]