While the Low Value classification is only explicitly authorized for IFRS 16 leases, ASC 842 and GASB 87 users may choose to use the Low Value classification for immaterial leases. To do this, check the Enable Low Value box, then enter a threshold maximum. (You can also mark a lease as a Low-Value Asset directly once it is enabled.) This option is not displayed for IFRS 16, since Low Value is part of that standard.
