Default standard to use

Select whether by default to use the old lease accounting standard (FAS 13 or IAS 17, depending on which accounting methodology you have chosen) or the new lease accounting standard (ASC 842, IFRS 16, or GASB 87). This affects which classification you see when a lease is displayed, and which methodology is chosen by default when you create a report. You may select the alternative choice once the lease or report setup window is displayed.