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If your company reports under both ASC 842 and IFRS 16, you can maintain separate accounting leases under the same lease-administration record. Your company must have multi-standard functionality enabled. Contact Spacebase support if the accounting standard selector is unavailable.

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Set up the two versions

  1. Create and publish the lease-administration record with the contract documents, dates, areas, and payment schedules.
  2. Review the automatically created accounting lease and its accounting standard.
  3. From the lease-administration record, select Lease Actions > Create Accounting Lease to create the second accounting lease. Select the other Accounting standard in setup.
  4. Give each accounting lease a clear name, such as Main office — ASC 842 and Main office — IFRS 16. You can rename an accounting lease in Settings while it is in Needs Review.
  5. Complete each snapshot using that standard’s applicable policies, balances, and classification or exemptions. Review its amortization schedule and journal entries separately.
  6. Submit and approve each accounting lease through its own review workflow.
These are parallel accounting representations of the same contract. Do not split the contract’s rent 50/50 between them: each version needs the obligations relevant to its own standard. By contrast, if you also split the contract into separate assets or floors, allocate payments between those assets within each standard.

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Keep both versions current

When a contract changes, update the lease-administration record first. Then review every associated accounting lease. Create the appropriate modification for each standard and check its effective date, GL start date, payments, and discount rate. Use matching descriptions, such as 2026 extension — ASC 842 and 2026 extension — IFRS 16, to make the corresponding snapshots easy to identify. Approval of one version does not replace review and approval of the other. Maintain a checklist of differences that need separate review: classification, exemptions, component policies, opening balances, index-linked changes, and modification treatment. The modification guides primarily describe ASC 842; check the stated availability of each workflow before applying it to IFRS 16.

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Run reports by standard

On Reports, use the accounting standard filter or the standard selector in the report form. Run journal entries, balances, and disclosures separately for ASC 842 and IFRS 16, using the same reporting dates and currency when comparing results. Before exporting, check the standard, included leases, date range, and approval status. Combining both sets of entries in one ledger would count two representations of the same contract. Keep report files and posting batches clearly labeled by standard. If balances differ, compare the two snapshots’ inputs and policies before treating the difference as an error. See Reports for report purposes and disclosure calculations.