What does IFRS 16 mean?

The leasing accounting standard issued by the International Accounting Standards Board (IASB) and effective for most companies that report under IFRS in 2019 that requires a lessee to recognize for all leases with a term of more than 12 months a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments, unless the underlying asset is of low value.