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How to Implement New Lease Accounting Standards: A Practitioner’s Step-by-Step Plan
Overview
A practitioner guide outlines how teams still apply lease accounting rules that took effect over several years. It walks through inventory, policy elections, discount rates, transition, measurement, disclosures, and controls under ASC 842, with differences for IFRS 16, GASB 87, and FRS 102 from 2026.
Key facts
- Calendar-year private companies adopted on 1 January 2022 after the ASU 2020-05 delay.
- Short-term leases of 12 months or less may stay off the balance sheet by asset class under ASC 842.
- ASC 842 uses modified retrospective transition; IFRS 16 also allows full retrospective application.
Key figures
- 15 December 2018 — Public ASC 842 threshold for fiscal years beginning after
- 15 December 2021 — Private ASC 842 threshold for fiscal years beginning after
- 1 January 2019 — Start date from which IFRS 16 has applied
- 15 June 2021 — GASB 87 threshold for fiscal years beginning after
- 1 January 2026 — FRS 102 lessee on-balance-sheet start for periods on or after
- $267,301 — Example commencement lease liability and equal ROU asset
Context
The same seven-step plan is described for ASC 842 with IFRS 16 and GASB 87 differences.
What remains uncertain
Coverage is selected passages, and example dollars round so some rows differ by $1.
A concise AI-assisted digest of selected facts. The original publication may contain additional detail and later updates. Company data below is a separate ApplyDjinn observation.
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