Answer:

The purpose of IFRS 16 Leases is to establish principles for the recognition, measurement, presentation, and disclosure of leases in the financial statements of lessees and lessors. It replaces the previous standard, IAS 17 Leases, and requires lessees to recognize most leases on their balance sheets as right-of-use assets and lease liabilities. The standard aims to provide investors and other financial statement users with a more accurate picture of an entity's leasing activities and financial position.