ADOPTING ASC 842? KEY CONSIDERATIONS FOR OIL AND GAS ENTITIES
In 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new standards for lease accounting: IFRS 16 and ASC 842, which must be implemented by 2019.
Oil and gas entities will need to change certain lease accounting practices when implementing the new standards, which could have far-reaching implications for their finances and operations. For oil and gas entity lessees, the adoption of the new standards may require the recognition of significant assets and liabilities for leases that have not traditionally been recorded on the balance sheet.
This eBook provides a focused discussion on how companies in the Oil and Gas sector can prepare for compliance with new lease accounting regulations and will answer the following questions: