In 2006 the International Accounting Standards Board and the (US) Financial Accounting Standards Board began a project to see if there could be international symmetry with financial statement treatment of Leases. Both organizations concluded symetry wasn't possible, and have independantly updated respective guidelines (US: February 25, 2016)

In a nutshell, all US based entities (public, private and non-profit), will show both Finance and Operating leases on the Balance Sheet. The 'right of use' value of the asset and the offsetting liability will replace footnotes to accountant prepared statements. However, consistent with current U.S. GAAP, the recognition, measurement and presentation of cash flows will depend on the classification as a Finance or Operating Lease. 

These Standards go into effect in 2020 for non-public companies, 2019 for publically owned companies and will only apply to leases longer than 12 months in length. 

As always, the details are what matter, so consult with your CPA for guidance.

For 2016 Congress defined Tax Depreciation rules before the end of the tax year. The benefit is that budgeting and tax planning for capital equipment aquisitioin becomes easier.

The US Congress set IRS Section 179 limits at $500,000 for front-end expensing and phase out dollar for dollar aquisition amounts over $2,000,000.

Additionally, Bonus Depreciation has been reinstated for 2016. This years rules  allow for an additionaly Bonus Depreciation of 50%.

This means that if you lease your equipment over a long term, you can expense up to 73% of its cost in 2016. If your company is in the 35% tax bracket, the savings is significant.

It also means that there is no need to delay aquisition of capital equipment waiting for congress to pass their rules.

It is important to note that the equipment must be ordered, paid for and in service by December 31, 2016.

Reference to the IRS discussion about depreciation:  http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/A-Brief-Overview-of-Depreciation