A sunny Monday and what better way to relax than considering the similarities and differences between IFRS 16 and ASC 842...

For those assuming that transition to the new leasing standard under US GAAP would be similar to all they had read about IFRS 16, the answer is yes, it is similar... 

...But unfortunately it is also very, very different in some key areas. This CFA paper is a really useful one for finance professionals working with UK standards but also part of a US Group and also for those looking to ensure they can decode those revised balance sheets, income statements and cashflows (HINT: two of these three may be very different depending on whether under IFRS and US GAAP). 

I also quite liked the tone of the author as they seem to lament such a near miss in terms of the unification project between IASB and FASB. Enjoy.