The International Accounting Standard Board’s (IASB), an account standard-setting body of the IFRS foundation that is responsible for developing financial reporting standards, issued a new accounting standard, IFRS 16 Leases, which requires all leases that exceed one year to be reported on a company’s balance sheet as assets and liabilities. Companies that disclose all assets and liabilities on their balance sheets will benefit from an increase in customer and investor trust, and ultimately will be more successful than those that try to keep their books closed.