Implementing ASC 842 Lease Accounting for Your Business
Accounting Standards Codification (ASC) 842 – Leases is almost effective for nonpublic companies and certain not-for-protfits. In this session we’ll cover the scope, adoption method, key provision and why any of this matters to you. Including impacts on the statement of financial position, financial ratio, and covenants. We’ll go over what you need to know to make sure you understand how leases are classified under ASC 842 and provide examples and illustrations on how to initially calculate and subsequently measure leases under this new standard.
- You will be able to identify which transactions/agreements are within the scope of ASC 842.
- You will be able to explain the adoption method, initially calculations and subsequent measurements.
- You will be able to recognize the difference between finance, operating and short-term lease classifications.
- You will be able to identify lease and non-lease components.
- You will be able to explain presentation and disclosures requirements.