Nakisa & Bramasol Present: ASC 842 and IFRS 16 - How to Transition Over A 3.3 Trillion Dollar Speedbump
In 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new standards for lease accounting: IFRS 16 & ASC 842, which must be implemented by 2019. Both IFRS 16 and ASC 842 are the result of a joint effort between the IASB and FASB to meet the objective of improved transparency, comparability and financial reporting.
These changes will impact virtually all companies, requiring that most leases be shown on company balance sheets. Some economic estimates indicate that the global impact will be as much as $3.3 trillion in aggregate changes to company balance sheets. If you lease, regardless of your company’s size or industry, under the new standards your balance sheet will be different. Now is the time to plan for the transition.
Nakisa & Bramasol will share with you: