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A nearly 10-year process is complete, and the FASB and IASB have released the most significant changes to lease accounting in 40 years, which among other things requires capitalizing all leases (i.e., reporting them on the balance sheet as an asset and liability). Known as ASC 842 for US GAAP and IFRS 16 for international accounting, the new standards were developed together by the two boards, but differ in some important areas: Most significantly, lessee leases under ASC 842 continue to be classified between capital (now called finance) and operating leases, with straight-line expense recognition for the latter, while IFRS 16 requires finance lease accounting for all leases (except those of 12 months or $5000 value or less). The new standards take effect in 2019; US users generally must restate two prior years. See our blog and the webinars noted above for more details..

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Our Blog:

Please visit our Lease Accounting Blog for the latest information, and see our prior updates for overviews of the stages of the process. 

Glossary, Rules, and Examples:

Leasing is an over $300 billion a year industry in the United States, with another half trillion dollars in business worldwide. Follow the links to discover why people lease, what people lease, what the accounting rules are, a glossary of common leasing terms, and how FCS can help you meet the regulations.