Countdown to the new lease accounting effective date

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ASC 842 takes effect for most public companies January 2019.
Here are details on who is affected and when.

Effective date details

  • Public business entities are required to apply the leasing standard for annual reporting periods (including interim periods therein) beginning after December 15, 2018.
  • Certain not-for- profit entities, and employee benefit plans that file financial statements with the SEC, are also subject to the transition date applicable to public business entities.
  • All other entities are required to apply the leasing standard for annual periods beginning after December 15, 2019.
  • Earlier application is permitted for all entities as of February 25, 2016, the issuance of the final standard.
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Lease accounting recommendations if you haven't yet started adopting ASC 842.

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Paul Sheward

Partner, Deals, U.S. Accounting Advisory Services Leader, PwC US

Sheri Wyatt

Partner, Accounting Advisory, PwC US

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