There are no differences between operating leases under IFRS 16 and ASC 842. Lease payments are recognized as lease income on a straight-line basis over the lease term unless another systematic basis is more representative of the pattern in which benefit is expected to be derived from the use ...
Accounting and finance organizations for many multinational businesses are currently working to create plans for two separate lease accounting standards: the Financial Accounting Standards Board’s ASC 842 and the International Accounting Standards Board’s IFRS 16. Alex Klein Solution consultant, LeaseAc...
The new lease standard IFRS 16 was issued inJanuary 2016and its counterpart ASC 842 was issued 1 month later, in February 2016. Both standards were amended later on. So, we would expect elimination of any differences between US GAAP and IFRS, right? Well, not exactly, because new difference...
We have compiled a single cheat sheet to outline the key differences between US GAAP and IFRS. You can download the complete US GAAP vs IFRS Cheat Sheet below. Global Accounting Trends Given the statistics above, it is clear why it is important to understand the differences between US GAAP a...