ASC 842, Leases: February 2021 Update - BKD
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.
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Lease Presentation & Disclosure Requirements: Lessee The public entity. 1 adoption deadline for the new guidance in Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), is drawing closer. This is the first major overhaul of leaseguidance since 1973 and implementation
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