The purpose of ASC 842 is to increase disclosure and visibility into the leasing obligations of both public and private organizations. Where previously most leases were not included on the balance sheet, the new ASC 842 lease accounting standard requires companies to report right-of-use (ROU) ass...
Regardless of how a company goes public, it may encounter certain complexities when complying with the presentation and disclosure requirements of the leasing guidance in ASC 8421 as a public registrant. This Accounting Spotlight discusses certain key accounting and financial reportin...
the entry may have the ability and expectation to stop transferring goods or services if the customer stops paying consideration when due. In another example, if an entity expects to receive only