Lease Accounting: Comparing ASC 842 to IFRS 16
At the beginning of 2006, FASB and IASB came together to reconcile lease accounting standards with the objective to synchronize the lease reporting between GAAP and IFRS. The joint project came to its culmination with two new standards: IASB’s international standard (IFRS 16, Leases) and the U.S. GAAP standard (FASB’s Accounting Standard Update (ASU) No. 2016-02 Leases, Topic …