Think about a company that uses a delivery truck it does not own—it pays monthly rent. For decades, many leases like this stayed completely off the company’s balance sheet, as if the obligation to pay rent did not really exist. That changed dramatically with a new accounting standard, International Financial Reporting Standard 16 (IFRS 16). It says: if you control an asset through a lease, you must show both the right to use it and the debt to pay for it on your balance sheet. This chapter shows how a lessee (the renter) does that.