The Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases, (codified as ASC 842) back in 2016, after nearly a decade-long convergence project with the International Accounting Standards Board. After the pandemic-related deferral, the effective date to comply with FASB’s new lease standard is quickly approaching for non-public entities.
This Lessee video series will discuss the major changes as a result of ASC 842 and help you to understand the new lease standard for non-public business entities.
Learn about the accounting policy elections and practical expedients to consider when you transition to ASC 842 as well as a comprehensive explanation of what is a lease, components of a lease contract, lease term, lease payments, discount rates, lessee accounting, including lease classification and measurement, as well as lessee presentation and disclosure considerations.
ASC 842 Lessee Implementation Guide
As you work through the application of ASC 842 in your organization, this guide will provide a comprehensive look at the standard. To make things simple, we’ve organized everything by key topics. These sections include relevant definitions, a comparison of current requirements compared to new requirements, context for the reasoning behind the changes, accounting examples along with journal entries, as well as sample disclosures.
This guide should be used in combination with a thorough analysis of the relevant facts and circumstances and review of the authoritative accounting literature.
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