The International Accounting Standards Board (IASB) is the source of generally accepted accounting principles for public, private, and not-for-profit organizations who do business internationally. They publish standards known as the International Financial Reporting Standards (IFRS), notably IFRS 16—an accounting standard which dictates how these entities must report their real estate and equipment leases. IFRS 16 sub-modules are available in both the Contract and Equipment Contract modules.
IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019. You can learn more about IFRS on their website, www.ifrs.org, and you can learn more about the IFRS 16 accounting standard in their IFRS 16 Leases article.
If your firm has GASB 87 enabled, you will not be able to see the IFRS 16 pages of the application.
To learn more about the rules used for lease accounting in Lucernex, please see the Lease Accounting Rules and Logic walkthrough.