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Perspectives

A roadmap to applying the new leasing standard

This Roadmap combines the requirements in ASC 842 with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. In addition, the publication highlights (1) the requirements of ASC 842 that significantly differ from those in the FASB’s previous leasing guidance, ASC 840, and the IASB’s new leasing standard, IFRS 16, and (2) standard-setting developments addressing questions raised and challenges identified by stakeholders over the past two years.

Since the issuance of ASU 2016-02 (codified in ASC 842) on February 25, 2016, the FASB has focused on implementation efforts related to the adoption of ASU 2016-02. Over the past two years, the FASB has held eight meetings to discuss implementation questions raised and challenges identified by stakeholders from several industries. In response to the feedback received, the FASB has thus far issued two final ASUs and two proposed ASUs that would amend certain aspects of ASC 842.

The body of the Roadmap combines the requirements in ASC 842 with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. In addition, the Roadmap highlights (1) the requirements of ASC 842 that significantly differ from those in ASC 840 and IFRS 16 and (2) recent standard-setting developments (through the March 7, 2018, FASB meeting). We hope that this publication will enable entities to deal with some of the more challenging aspects of ASC 842. This publication has been developed for readers who have been following every development of the standard as well as for those who are working through the new guidance for the first time. That is, it may function as a quick resource guide for those who have a specific question and are looking for a clear answer, or it may serve as an all-encompassing guide for those who are still building up their knowledge base to lead or work through an implementation.

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Subscribe to receive Roadmap series publications via e-mail. Archives are available on the US GAAP Plus site.

 

The Roadmap Series contains periodic collections of our accounting guidance on selected topics of broad interest to the financial reporting community.

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