In January 2016, the International Accounting Standards (IASB) issued the new accounting standard IFRS 16 Leases. The articles address the new lease accounting for lessees, the right-of-use accounting model, the determination of whether a contract contains a lease as well as other key aspects of IFRS 16 and preliminary observations on the implications of the new standard. IFRS 16 takes effect on 1 January 2019. Given the wide-ranging and significant impact of IFRS 16 on many entities, the journey has begun and the clock is now ticking. An early assessment will be key to manage the implementation process for the adoption of the new leases standard. Although retrospective application of IFRS 16 is not required, by using hindsight applied to extant leases, reporting entities can gain the needed insights to become capable of applying the standard to new leases from the beginning of the mandatory application date. Waiting until then to understand the myriad provisions of IFRS 16 is not a strategy for success.