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Understanding Lease Standard ASC 842

By May 22, 2023No Comments
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Stay compliant with The Standard ASC 842

  • Increase transparency and comparability in financial reporting
  • Requires lessees to recognize most leases on their balance sheets
  • Recognize operating leases and finance leases
  • Record right-of-use (ROU) assets and lease liabilities
  • Lease term and present value of lease payments determine recognition and measurement
  • Different treatment for operating leases and finance leases in income statements
  • Additional disclosures to provide users with more information

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