We examine the performance of new lease accounting rules in private debt markets. Among debt contracts issued before ASC 842 became effective but that end after the effective date, we find 87 percent exclude or provide an option for contracting parties to exclude the effects of ASC 842. We find...

This study examines the impact of accounting comparability on financial reporting quality and the extent to which financial statement users understand the implications of firms' accruals. We predict that comparability improves the information environment, which not only enhances the ability of...