Accounting guide

Our comprehensive guide to the new US GAAP leases guidance. 

This guide was issued in April 2016. Certain sections were updated in March 2017.

PwC’s Leases guide is a comprehensive resource for lessees and lessors to account for leases under newly issued US GAAP guidance codified in ASC 842, Leases. Calendar year-end public business entities will need to adopt the new leases standard on January 1, 2019.

So that you’re ready to adopt the standard, this guides examines:

  • Which arrangements are within the scope of the new leases guidance
  • How lessees and lessors should classify and account for leases
  • When a lessee or lessor should reassess its lease classification
  • How lessees and lessors should account for modifications to a lease
  • Unique leasing transactions, including sale leasebacks and leveraged leases
  • How leases should be presented in a company’s financial statements
  • The effective date and transition of the new guidance

March 2017 update to the guide

Chapter 2, Scope, has been updated as follows:

  • The discussion in LG 2.4.1 regarding the types of costs that should be included in the overall contract consideration to be allocated to the lease and nonlease components was updated.
  • LG, including Figure 2-2 and Examples 2-11 through 2-13, was updated to address the transaction price allocation objective in ASC 606, Revenue from Contracts with Customers.


Downloading the guide onto an iPad

  1. Click on the button below to open document:
  2. When the pdf opens, click anywhere on the guide and a menu will pop up at the top of the page with an option to “Open in iBooks” (top right). Click on this button.
  3. The guide will then be saved to your iBooks app for future access.

Contact us

John Bishop
Partner, National Professional Services Group

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