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ifrs 16 and asc 842 are very similar when it comes to accounting for leases particularly for lessors but there are some differences which iamp;#39;d like to highlight here so both ifrs 16 and asc 842 require less ease to capitalize all leases with an exception for short-term leases thatamp;#39;s at least with a lease term of 12 months or less so if itamp;#39;s 12 months or fewer the lessee does not need to capitalize the lease thatamp;#39;s the same under both of these standards however ifrs 16 has a second exception for leases of low value assets whatamp;#39;s a low value asset itamp;#39;s an asset with a value of five thousand dollars or less upon commencement of the lease if itamp;#39;s a lease of a low value asset under ifrs 16 the lessee can elect not to capitalize the lease however under ase 842 you donamp;#39;t have that same exception another difference between ifrs 16 and ase842 is under asea42 the lessees have to conduct a classification test to determine whether the
