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Accounting guide , PwC US

Our updated Leases guide provides comprehensive guidance related to the FASB’s new standard.

This guide was partially updated in December 2018.

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
  • How to account for lease and nonlease components
  • Practical expedients issued by the FASB

December 2018 updates

This guide was fully updated in August 2018. In addition, select topics were updated in December 2018.

Significant changes made in December 2018 include new guidance for a lessor's presentation of cash flows from sales-type and direct financing leases, and new guidance to reflect interpretive guidance related to lessor presentation of lease revenues for leases transitioned to ASC 842.

The guide has also been updated to reflect interpretive guidance related to a lessee combining or not combining lease and nonlease components in transition.

Downloading the guide onto an iPad

  1. Click on the button below to open the document:
  2. Once the PDF opens, click on the Action button, which appears as a square icon with an upwards pointing arrow.
  3. From within the action menu, select the “Copy to iBooks” option.
  4. The guide will then be saved to your iBooks app for future access.

Lease accounting podcast series

Do you have questions on leasing adoption, implementation and accounting? Listen to our lease accounting podcast series for top answers and insights.

PwC's leasing video series

Topics covered:

  • Transition 
  • Practical expedients
  • Determining the lease term
  • Identifying embedded leases
  • Accounting for variable lease payments
  • Discount rate for lease liabilities
  • How lessee should account for finance and operating leases

Watch our leasing videos


Contact us

John Bishop

Partner, National Professional Services Group, PwC US

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