New Lease Accounting Standards Are Here
Implementation Deadlines Are Fast Approaching:
Your Leading Online Resource
Lease Accounting For US GAAP and IFRS
Public companies begin to transition to new lease accounting standards starting in December 2018, with private companies following one year later. That means they have a relatively short time remaining to define new accounting policies, collect the necessary leasing data, select a software application, and implement the new financial controls needed to comply. On leaseaccounting.com you will find the best resources from the standards board, accounting firms, and technology vendors organized into a single site.
LeaseAccounting.com is the leading online resource for accounting professionals seeking to comply with the new standards.
IFRS 16 & ASC 842
New Lease Accounting Standards
In early 2016 both the International Accounting Standards Board (which sets rules for the International Financial Reporting Standards – IFRS) and the Financial Accounting Standards Board (which sets rules for the US Generally Accepted Accounting Principles – GAAP), published new lease accounting standards.
The international standard known as IFRS 16 will replace the current IAS 17 standard starting in 2019. The US standard known as FASB ASC 842 will replace the current FASB ASC 840 standard starting in 2019.
How Will the New Standards
With over $2 Trillion of leases moving onto corporate balance sheets during the transition, the impacts of the new standards will be greatest to lessees. However, lessors should be aware of the changes to their reporting requirements as well as how the new standards will impact their customers.
Who is Most Impacted by the New Lease Accounting Standards?
Find out which companies and industries will experience the greatest balance sheet change from the implementation of the new lease accounting standards.
Implementing the New Lease Accounting Standards
Lease Accounting Software
Many companies are deploying specialized lease accounting software, rather than using Excel spreadsheets to comply with the new standards. These software applications include a lease accounting sub-ledger and a lease accounting engine that creates the journal entries needed for the new ASC 842 and IFRS 16 standards.