The differences between IFRS 16 and ASC 842
Have you already familiarized yourself with the key differences between the two accounting standards IFRS 16 and ASC 842?
Both IFRS 16 and ASC 842 require the lessee to recognize a right-of-use asset and a lease liability in the statement of financial position, but major differences exist due to differences in the lease accounting model. IFRS 16 uses a single model whereas ASC 842 contains a dual model which still distinguishes between operating and finance lease for lessees, as under previous guidance.
In this white paper, you will find the key differences in lease accounting between IFRS 16 and ASC 842 for both lessees and lessors.Contents
- Scope and recognition exemptions of IFRS 16 and ASC 842
- Scope exemptions
- Practical expedients
- Lease accounting model of IFRS 16 and ASC 842
- Single model vs. dual model for lessees
- Classification requirements for lessors
- ASC 842 lease classification criteria
- Other topics
- Disclosures for lessees
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