PERSPECTIVE: ASC 842 Leases – Navigating the Noise
Our Accounting Services team recently published a whitepaper on “ASC 842 Leases – Navigating the Noise.”
On February 25, 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 – Leases (“ASU 2016-02”) that was codified in Accounting Standards Codification 842 – Leases (“ASC 842”). From a lessee perspective, ASC 842 lets companies recognize expenses on their income statement in a manner consistent with previous guidance. However, operating leases must now be recorded on the balance sheet as a right-of-use (“ROU”) asset with an associated lease liability, which are measured at the present value of remaining lease payments.
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