Accounting Standards Codification Topic 842, also known as ASC 842 and as ASU 2016-02, is the new lease accounting standard published by the Financial Accounting Standards Board (FASB). It replaced the previous US GAAP leasing standard, ASC 840, which is almost 40 years old.
What are the new lease accounting standards?
IFRS 16 is the new lease accounting standard published by the International Accounting Standards Board (IASB) in Jan 2016. IFRS 16 changes the way that companies account for leases in their financial statements, especially their balance sheets and income statements. It supersedes IAS 17.
IFRS 16 Handbook
Learn what IFRS 16 changes, how to achieve compliance with the new standard, and how to remain compliant once the deadline passes.