Disclosure Requirements Explained Under ASC 842
Under ASC 842, lease disclosure requirements were created with the intent to provide financial statement readers with more transparent insights…
4 Steps to Identify a Lease Under ASC 842
A: An asset is identified in a contract either: Explicitly by serial number, VIN, GPS coordinates, etc or Implicitly based on whether a particular asset…
Implementation of Practical Expedients Under ASC 842
Accounting for leases under ASC 842, the new standard as laid out by the Financial Accounting Standards Board (FASB), has…