An operating lease is an agreement between the lessee and the lessor, where the ownership of the property is retained during and after the lease term by the lessor but this is not applicable for the lessee. The International Accounting Standards Board (IASB) issues IFRS 16 leases first in January 2016, that is effective since January 2019. On June 30, 2016, the Accounting standard council (ASC) issued FRS 116 Leases in Singapore, which is similar to the IFRS16.