In 2005, the Securities and Exchange Commission recommended FASB address a lease accounting project. Under ASC 840, corporations were required to report on off-balance-sheet arrangements. Fast forward to today, and ASC 842 is replacing ASC 840 and creating new guidelines that say all lease liabilities should be accounted for on the balance sheet.
With the new lease accounting standard ASC 842 comes the requirement for entities to identify whether a contract contains a…
Under ASC 842, lease disclosure requirements were created with the intent to provide financial statement readers with more transparent insights…
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…
Accounting for leases under ASC 842, the new standard as laid out by the Financial Accounting Standards Board (FASB), has…
You have the right space, but do you have the right lease? The standard commercial lease terms aren’t always as standard…