acquirer may elect — as an accounting policy election by class of underlying asset and for all of the entity’s acquisitions — not to recognize assets or liabilities as of the acquisition date for leases that, as of the acquisition date, have a remaining lease term of...
Client Cases Refresco Refresco has more than 1,800 leased assets worldwide. In order to get compliant with the new IFRS 16 lease accounting standards, all external reports needed to comply with the new regulations. Explore now News The University of Texas System Tackles GASB 87 Compliance with...
for both the finance lease and operating lease are similar under ASC 842, unlike ASC 840. The new standard now requires both leases to recognize both the lease liability and the right of use asset on the balance sheet unless the lease is considered a short-term lease (12 months or less)...
ASC 842 contains many nuances, and even minor changes in the fact pattern, expedients or policies elected, or other factors can change the accounting impact, both on day 1 and subsequent accounting. Additionally, the accounting for finance leases, while similar in some respects, is not identical...
ASC 842, long-term operating leases will appear on the balance sheet as non debt liabilities. ASC 842 offers some relief to preparers by exempting leases with terms of less than 12 months. As a consequence, some lessees may request new or renewed leases with terms less than 12 months. ...