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Grant Thornton helps navigate FASB leasing guidance

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Young business woman standing in office lobbyGrant 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 May 2019. This guide provides a detailed discussion of the FASB’s new 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 for one year, meaning that most calendar-year private companies will be required to adopt the new standard in 2020. Early adoption is permitted for all entities.

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Ryan BradyRyan Brady
Partner, Accounting Principles Group
T +1 312 602 8741