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September 2017 » Practical Illustrations of the...
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Robert L. Paretta, PhD, CPA
A fter a nearly 10-year collaboration to develop a converged standard on leasing, on Jan. 13, 2016, the IASB issued IFRS 16, Leases, and on Feb. 25, 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases—Topic 842. The two standards differ on some points, but each accomplishes the joint objective of recognizing that leases give rise to assets and liabilities that should appear on the balance sheets of lessees. The purpose of this article is to introduce the main features of the new FASB standard and provide illustrations of how accounting and financial statement presentations for lessees will change.
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