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Accounting for Leases Under ASC 842

Accounting FOR Leases Under asc 842 1 A PRACTICE AID FROM BDO S PROFESSIONAL PRACTICE GROUP Accounting for Leases Under asc 842 UPDATED DECEMBER 2021 Accounting FOR Leases Under asc 842 2 Table of Contents INTRODUCTION .. 5 asc 842 in a Nutshell .. 6 lease Classification .. 7 Lessee Accounting .. 8 Lessor Accounting .. 9 Adoption Dates .. 10 About the Practice Aid .. 10 CHAPTER 1 - SCOPE OF asc 842 .. 12 Scope and Scope Exceptions .. 12 Specific Considerations for Land Easements .. 14 Interaction with Other Standards .. 17 CHAPTER 2 - IDENTIFYING A lease .. 18 Overview .. 18 Identified Asset .. 20 Right to Control Use of Identified Asset .. 27 Other Illustrations .. 42 CHAPTER 3 - IDENTIFYING AND SEPARATING COMPONENTS .. 48 Overview .. 48 Identifying lease and Nonlease Components .. 52 Separating Components - Lessees .. 60 Separating Components - Lessors .. 69 Portfolio Approach .. 80 Contract Combination .. 80 CHAPTER 4 - lease CLASSIFICATION AND KEY TERMS .. 81 Overview.

For all other calendar -year entities, ASC 842 was initially required to take effect in 2020, and interim periods in 2021. However, in November 2019 the FASB issued ASU 2019-10 which initially deferred the effective date of ASC 842 for all

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