skip to Main Content

801-938-4764

Download
Download is available until [expire_date]
  • Version
  • Download 1
  • File Size 1.68 MB
  • File Count 1
  • Create Date May 24, 2022
  • Last Updated May 24, 2022

ASC 842 One Sheet

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) assets and liabilities for almost all leases. 

In addition, ASC 842 closely aligns with the new international lease accounting standard IFRS 16, especially in the way a lease is defined. This makes financial reporting more consistent for organizations with both U.S. and international lease assets. 

Back To Top