ASC 842 replaces FASB’s previous lease accounting guidance, ASC 840. Companies reporting under US GAAP will be required to transition to ASC 842 starting January 2019. The major change resulting from the new standards is that operating leases, previously reported in the footnotes of financial statements, will now be reported on-balance sheet. The change requires companies to commit to a higher level of data tracking for their operating leases.
For more information, read the FASB update here.