New GAAP

New GAAP and Accounting Change

Experts are calling the new leasing standards one of the “biggest accounting changes ever.” The transition to ASC 842 and IFRS 16 will bring several trillion dollars of operating leases onto corporate balance sheets in the coming years. Combined with the new Revenue Recognition standard (ASC 606), lease accounting is bringing massive change to the area of financial reporting. In fact, the changes are so impactful that some have coined the phrase “New GAAP.”

Interpretation

Interpreting the

Lease Accounting Standards

The goal of LeaseAccounting.com is to help companies, both public and private, transition to the new lease accounting standards as smoothly as possible. We have designed this website to be your primary source for technical and educational information about the new lease accounting standards.

Here you will find links to the best available documentation on:

  • Comparing the standards for IFRS and US GAAP

  • Classifying leases, separating lease and non-lease components

  • Topics such as sub-leases, build-to-suit arrangements, and sale/leaseback transactions

  • Reassessments and modifications

  • Transition strategies and comparative reporting

Implementation

Implementation of the

Lease Accounting Standards

When you are ready to start implementing the standards, be sure to check out our sponsor’s website — LeaseAccelerator — for practical advice on:

LeaseAccelerator

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