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STAY COMPLIANT WITH THE STANDARD

UNDERSTANDING LEASE 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

Joel S. Mutnick, CPA
Assurance Partner

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