In June 2017, the GASB released a new lease accounting standard, GASB 87. This standard, like IFRS 16, requires capitalizing all leases, including those previously considered operating.
Unlike IFRS 16 and ASC 842, all Lessor leases will also be treated as finance, though the underlying asset is not derecognized. The new standard takes effect for reporting periods starting after December 15, 2019. See the rest of this manual for more details on GASB 87 implementation.