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LEASEPEDIA

A Home for Wayward Lease Accounting Terms

CATEGORIES:

The New Lease Standard

The new lease standard, composed of ASC 842, GASB 87, and GASB 96 in the US, is meant to account for all lease obligations on financial statements, whereas the previous standard had excluded operating leases on financial statements.

What is the New Lease Standard?

New Lease Standard Implementation Timeline

Lease Audit How-To and Checklist

ASC 842

ASC 842 is a new standard for lease accounting that requires all leases longer than 12 months to be recorded as assets and liabilities on balance sheets. It was created by the Financial Accounting Standards Board, of FASB, to foster more transparency between investors and companies.

What Does ASC 842 Do?

What is ASC 842 Lease Accounting?

What is the Title of ASC 842?

Is IFRS 16 the Same as ASC 842?

GASB 87

GASB 87 was issued by the Governmental Accounting Standards Board in June 2017. It requires all leases that meet the formal definition of a lease to be accounted for similar to what previously was defined as a capital lease.

Has GASB 87 Been Delayed?

What is the GASB 87 Effective Date?

How Do You Implement GASB 87?

GASB

GASB is the Governmental Accounting Standards Board. It works to maintain accounting and reporting standards that would foster visibility and clarity in finance reporting.

What is the Purpose of GASB?

What is the Difference Between GAAP and GASB?

Who Has to Follow GASB?

Does the Federal Government Follow GASB?

IFRS 16

IFRS 16 changes the classification of leases to a “right-of-use” model rather than classifying leases as either a finance lease or an operating lease.

What Does IFRS 16 Do?

What is IFRS 16 Compliance?

Who Does IFRS 16 Apply To?

What is the Simplified Approach to IFRS 16?