Accounting for changes to leases under ASC 842

In 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited revision to lease accounting, Accounting Standards Update (ASU) 2016-02, Leases (codified in FASB Accounting Standards Codification [FASB ASC] 842, Leases). There are elements of the new standard that could impact almost all entities to some extent, although lessees likely will see the most significant changes. These changes are wide-ranging and cover several CPEA reports in this series.

In this report we