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 January 2021. This guide provides a detailed discussion of the FASB’s lease accounting standard 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 over the term
ASC 842 is effective for public business entities in fiscal years beginning after Dec. 15, 2018. The effective date for most other entities is deferred, meaning that most calendar-year private companies will be required to adopt the new standard in 2022. Early adoption is permitted for all entities.
Ryan is a partner in Grant Thornton’s Accounting Principles Consulting Group. He began his career in Grant Thornton’s Chicago audit practice and currently works in the firm’s national office, helping audit teams resolve technical accounting issues in areas including leases, debt and equity transactions, and derivatives and hedging.
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