Lessee Accounting: Road Map to ASC 842 Readiness

ASC 842 and IFRS 16 are new standards issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) that fundamentally change the rules governing accounting for leases in order to add transparency. Under the new guidance, the most significant change is that both standards require lessees to bring almost all leases onto their balance sheets, thereby eliminating one of the largest forms of off-balance sheet accounting.

This paper outlines the FASB’s changes to lessee accounting and how organizations can prepare for full compliance.


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