It’s finally here – Topic 842 Leases Part 2

What is a lease you may be asking yourself? Well, a lease is a contract, or part of a contract, which conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of the identified asset means …

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It’s finally here – Topic 842 Leases Part 1

In February 2016, the Financial Accounting Standards Board (“FASB”) issued its highly anticipated leasing standard (Topic 842) in Accounting Standards Update (“ASU”) 2016-02. Private companies and not-for-profit organizations must adopt the new lease accounting standard for fiscal years beginning after December 15, 2021. Don’t miss: The end of LIBOR interest rates The purpose for this …

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