Transcription of ASC 842, Leases: February 2021 Update - BKD
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ASC 842, Leases: February 2021 Update - BKD
Implementing the New Leave Accounting Standard asc 842 , Leases: February 2021 Update asc 842 , Leases: February 2021 Update 2 Table of Contents Update .. 4 BACKGROUND .. 4 SCOPE .. 6 SHORT-TERM LEASES .. 6 lease DEFINITION .. 7 IDENTIFIED ASSET .. 7 RIGHT TO CONTROL .. 8 CONTRACT COMBINATIONS .. 9 CONTRACTS WITH MULTIPLE COMPONENTS .. 9 lease VERSUS NONLEASE COMPONENTS .. 10 SEPARATE RIGHTS OF USE .. 12 lease 12 LESSEE .. 12 LESSOR .. 14 INITIAL MEASUREMENT .. 15 lease TERM & OPTIONS .. 15 lease COMMENCEMENT .. 16 lease PAYMENTS .. 16 DISCOUNT RATE .. 17 INITIAL DIRECT COSTS .. 19 LESSEE ACCOUNTING .. 20 OPERATING LEASES .. 21 FINANCE 21 LESSOR ACCOUNTING .. 22 OPERATING LEASES .. 22 DIRECT FINANCING & SALES-TYPE LEASES.
ASC 842, Leases: February 2021 Update . 6 . Scope . The scope of ASC 842 is substantially the same as ASC 840. The new model applies to all leases, including subleases, of property, plant and equipment (PP&E). The following items are explicitly excluded from ASC 842: Leases of intangible assets (covered by ASC 350, Intangibles—Goodwill and Other)
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