Equity values should remain unchanged, but enterprise values increase under IFRS 16 lease accounting rules, which went into effect Jan. 1, 2019, for many companies, according to two new reports from KPMG and Deloitte. Also, the new rules are “likely to complicate the comparability of valuation multiples, particularly in the short term,” says the Deloitte report. KPMG advises: “A consistent approach is of the utmost importance when applying the multiple methods.” The two reports are contained in the KPMG International Valuation Newsletter (July 2019) and Deloitte’s “IFRS 16 Valuation Impact” (August 2019). Note: There are differences between IFRS 16 and U.S. GAAP (ASC 842) for leases, as KPMG points out in a separate advisory, that make it complicated for companies with dual reporting.