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What Are The Differences Between ASC 842 & IFRS 16?

Insight Software

The standard was issued in 2016 and became effective for public companies in 2019. In contrast, finance leases result in the recognition of interest expense and amortization of the lease asset on a straight-line basis over the lease term. AP Lease Accounting Under ASC 842 ASC 842 is the lease accounting standard set forth by the FASB.