Lease accounting implementation issues (revised September 12, 2017)

In transition Aug 11, 2017

See our answers to some frequently raised questions to assist companies as they transition to the new leases standard.

Overview

The FASB’s new standard on leases, ASC 842, was issued in February 2016 and will be effective for public business entities beginning in 2019. Implementation efforts are expected to be significant, especially for lessees, and some entities are already working through their implementation plans. As these entities sift through the details of the new standard and think about how it should be applied to their arrangements, certain issues have been raised. This publication highlights some frequently raised questions in order to assist entities as they transition to the new standard.

Note: Questions 45 (a), 45 (b) and 45 (c) of this In transition have been updated to reflect the most recent thinking on this matter.

Contact us

Beth Paul
US Strategic Thought Leader, National Professional Services Group
Email

David Schmid
IFRS & US Standard Setting Leader, National Professional Services Group
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