The new lease standard is coming and preparation is critical for a smooth implementation. This is easier said than done and the experts agree: this new standard is complicated.
Due to its complexity, much has already been written about the lease standard changes. You might be wondering how to discern which information can be described as reliable, thorough, and authoritative. To help you identify the best resources, we’ve compiled the following list of documents, guides, and examples.
The new U.S. lease standard, ASC 842, is required for public companies starting their fiscal year after December 15, 2018 and all other companies starting their fiscal year after December 15, 2019. Internationally, the cousin of ASC 842 is IFRS 16, which is effective for annual periods beginning on or after January 1, 2019.