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Leasing Standards Overhauled: An Overview of ASC Topic 842

April 23, 2019

The deadline for private companies to implement the Financial Accounting Standards Board’s (FASB) new lease standard (ASC 482) is quickly approaching.

Entities with leasing activities must begin assessing the new standard and determining the impact it will have, including the potential impact to debt covenants. Additionally, entities must ensure that they have strong systems and processes in place for the implementation of this new guidance.

Leasing Standards Overhauled: An Overview of ASC Topic 842 summarizes the FASB’s new standard using illustrative examples that help explain how to apply the guidance.

In this guide, we focus on:

  • Impact to Lessee Financial Statements
  • Defining a Lease Contract
  • Finance Versus Operating Lease Classification
  • Initial Lease Measurement
  • Nonlease Component Considerations
  • Other Lease Measurement Considerations
  • Lessee Accounting and Discount Rate
  • Lessor Impact
  • Donated Rent and Below-Market Leases

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