Lease Accounting Standard Breakdown
The Financial Accounting Standards Board (FASB) requires public and private companies to track and disclose leased assets within their balance sheet.
How ASC 842 Impacts Companies Today
ASC 842 replaced the previous lease standard, ASC 840, requiring a major overhaul of lease management processes and updating of records. Private companies were required to adopt the new standard by 2019, while private companies deadline was 2020 with some extensions due to the pandemic.
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