IFRS 16, ASC 842, and GASB 87 came into effect in January 2019, replacing the old lease accounting standards. This has been the biggest lease accounting change in decades, completely altering the way lease contracts are reported, which is significant for any company using rentals or leasing to obtain access to asset(s).
This FAQ provides the answers to five frequently asked questions about lease accounting:
1. What exactly does lease accounting involve?
2. What has changed since January 1, 2019?
3. What impact do the new standards have on operational management?
4. What opportunities do IFRS 16, ASC 842, and GASB 87 offer?
5. How can Planon help to make your real estate and asset lease accounting compliant?
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