The International Accounting Standards Board (IASB) published a new accounting standard IFRS 16 for leases in January 2016 with the effective date of 1st of January 2019. It is, probably, one of the most significant changes to lease accounting in the history of accounting regulation. In the old standard, leases were categorized as either financial leases or operating leases, and the treatment was different in these two options. In oper- ating leases the lease payments were recognized as an expense in the income statement. The new standard introduces a single lessee accounting model, which requires now les- sees to recognize assets and liabilities for all leases with a term of more than 12 months unless the underlying asset is of low value. The IASB has conducted an assessment which states that the benefits of implementing the new leasing standard IFRS 16 will outweigh its cost. However, experts, as well as companies, have raised concerns about the complexity of adopting the new standard, its implementation cost and its effect on financial reports. The purpose of this study was to investigate how accounting professionals perceive the benefits and challenges of implementing IFRS 16. More in detail, the purpose was to gather evidence from accounting professionals about whether the benefits for the users of financial information are going to exceed the implementation and compliance costs of IFRS 16 for companies. This research utilized a qualitative research method, where five accounting professionals were interviewed to gain an in-depth understanding of the im- plementation process of IFRS 16 and how accounting professionals have experienced the change. The interviews were conducted in a Finnish listed company and in a Big Four accounting firm to conduct different perspective on the issue. The findings of this study supported the already existing theory and found a few new viewpoints to previous literature. IFRS 16 is seen as a complex standard to imple- ment, and it will require additional administrative resources not only in the implementa- tion process but also in the future accounting practices and operations of lease contracts. The results of this research indicate that not all accounting professionals are in favor of the new standard. However, the standard is seen as bringing valuable information and better understanding for companies about their lease portfolios.