PWC Lease Accounting Guide (2016)
Leases
2016
This publication has been prepared for general informational purposes, and does not constitute professional advice on facts and circumstances specific to any person or entity. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication. The information contained in this publication was not intended or written to be used, and cannot be used, for purposes of avoiding penalties or sanctions imposed by any government or other regulatory body. PricewaterhouseCoopers LLP, its members, employees, and agents shall not be responsible for any loss sustained by any person or entity that relies on the information contained in this publication. The content of this publication is based on information available as of March 31, 2016. Accordingly, certain aspects of this publication may be superseded as new guidance or interpretations emerge. Financial statement preparers and other users of this publication are therefore cautioned to stay abreast of and carefully evaluate subsequent authoritative and interpretative guidance.
Portions of various FASB documents included in this work are copyrighted by the Financial Accounting Foundation, 401 Merritt 7, Norwalk, CT 06856, and are reproduced with permission.
PwC guide library
Other titles in the PwC accounting and financial reporting guide series: Bankruptcies and liquidations (2014) Business combinations and noncontrolling interests, global edition (2014),
second edition Consolidation and equity method of accounting (2015) Derivative instruments and hedging activities (2013), second edition Fair value measurements, global edition (2015) Financial statement presentation (2014), second edition Financing transactions: debt, equity and the instruments in between (2014),
second edition Foreign currency (2014) IFRS and US GAAP: similarities and differences (2015) Income taxes (2013), second edition Revenue from contracts with customers, global edition (2014) Stock-based compensation (2013), second edition Transfers and servicing of financial assets (2013) Utilities and power companies (2013) Variable interest entities (2013), second edition
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Acknowledgments
The Leases guide represents the efforts and ideas of many individuals within PwC. The following PwC people contributed to the contents or served as technical reviewers of this publication:
Takashi Anraku John Bishop Roberta Chmielnik Justin Frenzel Ashima Jain Marc Jerusalem Nora Joyce Ralph Martino Chuck Melko Lauren Murphy Brian Ness Jeff Normant Jonathan Rhine Chad Soares Bill Staffieri Suzanne Stephani Valerie Wieman
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PwC
Preface
PwC is pleased to offer the first edition of our Leases guide. In February 2016, the FASB issued its standard on leases, ASC 842, which will replace today's leases guidance in 2019.
The chapters in this guide discuss both lessee and lessor accounting by topic. For example, LG 3 discusses lease classification for both lessees and lessors. The first four chapters provide an introduction and guidance on determining whether an arrangement is (or contains) a lease and how to classify and account for lease and nonlease components. This guide also discusses the modification, remeasurement, and termination of a lease, sale and leaseback transactions, leveraged lease transactions, as well as other topics. Finally, this guide contains chapters on the presentation and disclosure requirements, as well as the effective date and transition.
Locating guidance on particular topics
Guidance on particular topics can be located as follows:
Table of contents--The table of contents provides a detailed listing of the various sections in each chapter. The titles of each section are intentionally descriptive to enable users to easily find a particular topic.
Table of questions--The table of questions includes a listing of questions and PwC responses in numerical order, by chapter.
Table of examples--The table of examples includes a listing of examples in numerical order, by chapter.
The guide also includes a detailed index of key topics.
References to US GAAP
Definitions, full paragraphs, and excerpts from the Financial Accounting Standards Board's Accounting Standards Codification are clearly designated, either within quotes in the regular text or enclosed within a shaded box. In some instances, guidance was cited with minor editorial modification to flow in the context of the PwC Guide. The remaining text is PwC's original content.
References to other chapters and sections in this guide
Where relevant, the discussion includes general and specific references to other chapters of the guide that provide additional information. References to another chapter or particular section within a chapter are indicated by the abbreviation "LG" followed by the specific section number (e.g., LG 2.3.2 refers to section 2.3.2 in chapter 2 of this guide).
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