Grant Thornton helps navigate FASB leasing guidance

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.

Contact:

Ryan Brady

Partner, Accounting Principles Group
Grant Thornton LLP

Principal, Grant Thornton Advisors LLC

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.

Chicago, Illinois

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