German Postman Delivers $3 Trillion Debt Reminder

The reason for my unnatural excitement about a mail company’s balance sheet is that it offers a foretaste of what’s going to happen when other companies start applying the same accounting reform, called IFRS 16. Helpfully, Deutsche Post opted for early implementation, providing everyone else with a chance to learn. The reforms will oblige companies to include operating lease obligations, currently listed only in the notes to financial statements, on their balance sheets.