ASC 842 Summary of Changes The lease accounting standard ASC 842, replaces the lease accounting standard ASC 840. Why was ASC 840 replaced with ASC 842? Given the high cost of leases and their historical lack of representation on the balance sheet, the introduction of ASC 842 provides transpar...
ASC842, also known as Topic 842, is the newFASBlease accountingstandard and dictates how organizations reporting under USGAAPshould record the financial impact of their leases. Among other changes, the new standard requires organizations to record the majority of their leases on the balance sheet. ...
Similar to finance lease accounting under IAS 17, the accounting treatment for finance leases under IFRS 16 results in the recognition of bothdepreciationandinterest expenseon the income statement. For those entities with dual reporting requirements under both IFRS 16 and ASC 842, you will notice th...
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Throughout this document, AT&T Inc. is referred to as "AT&T," "we" or the "Company." The consolidated financial statements have been prepared pursuant to Regulation S-X and other applicable rules of the Securities and Exchange ...