Transcription of ASC 842, Leases: February 2021 Update - BKD
{{id}} {{{paragraph}}}
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.
This is the first major overhaul of lease accounting since 1973. The new guidance requires lessees to recognize substantially all leases on their balance sheets as lease liabilities with a corresponding right-of-use (ROU) asset.
Domain:
Source:
Link to this page:
Please notify us if you found a problem with this document:
{{id}} {{{paragraph}}}