Grant Thornton has updated its publication, Leases: Navigating the guidance in ASC 842, to include new examples and insights, as well as to incorporate recent amendments to the authoritative lease accounting guidance issued as of November 2022. This guide provides a detailed discussion of the FASB’s lease accounting guidance codified in ASC 842, Leases, including how to:
- Determine whether a contract is or contains a lease
- Identify lease and non-lease components in a contract
- Classify the lease component(s)
- Measure and recognize the lease component(s)
- Recognize lease expense or lease income
ASC 842 is already effective for public business entities and certain not-for-profit entities. For all other entities, ASC 842 is effective in fiscal years beginning after December 15, 2021, meaning that most calendar-year private companies must adopt the new guidance in 2022.
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