The Financial Accounting Standards Board (FASB) is the source of generally accepted accounting principles for public, private, and not-for-profit organizations. They publish ASC 842, an accounting standard which dictates how these entities must report their real estate and equipment leases. This standard is also known as ASC Topic 842, FASB Topic 842, or FASB 842. ASC 842 sub-modules are available in both the Contract and Equipment Contract modules.
Public business entities are required to adopt ASC 842 for reporting periods beginning after December 15, 2018. That means an effective date of January 1, 2019 for public entities with a December 31 year end. Nonpublic entities have an extra year to adopt. All entities may elect to early-adopt (American Institute of Certified Public Accountants, Inc. 2016). To learn more, see the AICPA's summary of the new ASC 842 standard.
You can learn more about FASB on their website, www.fasb.org.
To learn more about the rules used for lease accounting in Lucernex, please see the Lease Accounting Rules and Logic walkthrough.