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Chapter 5 — Broad Transactions

5.7 Leases

5.7 Leases

IFRS 16 and ASC 842 address the accounting for leases, and both require lessees to recognize right-of-use assets and lease liabilities on the balance sheet for most lease contracts. While the two standards are converged with respect to the need for a lessee to recognize a right-of-use asset and a lease obligation, differences remain. The table below outlines some of the differences between IFRS 16 and ASC 842. Other differences may arise as a result of differences between IFRS Accounting Standards and U.S. GAAP in other standards, including those related to (1) impairment of financial instruments and long-lived assets other than goodwill and (2) the accounting for investment properties.