ASC 842: A lease with a total lease term, including renewal options that are considered at lease inception to be reasonably certain of exercise, of 12 months or less. Short-term leases are treated like FAS 13 operating leases, with no asset and liability (unless there are scheduled rent changes, which must be leveled over the lease life).
IFSR 16/GASB 87: A lease with a total lease term, including all renewal options, of 12 months or less.