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ASC 842 for lessees

乐鱼（Leyu）体育官网 Exeutive View | July 2020

Updated: An executive overview of the leases accounting standard from a lessee's perspective.

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For companies that have not yet adopted the new standard, we highlight key accounting changes and organizational impacts for lessees applying ASC 842.

Applicability

Lessees in the scope of ASC 842 (ASU 2016-02,聽ASU 2018-01,聽ASU 2018-10,聽ASU 2018-11,聽ASU 2018-20,聽ASU 2019-01,聽ASU 2019-10,聽ASU 2020-02,聽ASU 2020-05)

搁别濒别惫补苍迟听诲补迟别蝉

Effective datePublic entities and certain other entities*Public NFPs**All other entities

Annual periods 鈥� In fiscal years beginning after聽 聽 聽 聽 聽 聽 聽 聽 聽 聽

Dec 15, 2018

Dec 15, 2019

Dec 15, 2021

Interim periods 鈥� In fiscal years beginning after聽聽聽聽

Dec 15, 2018

Dec 15, 2019

Dec 15, 2022

Early adoption allowed in fiscal years beginning after

N/A

Yes

Yes

* Includes (1) public business entities; (2) not-for-profits that have issued, or are conduit bond obligors for, securities that are traded, listed or quoted on an exchange or an over-the-counter market (鈥楶ublic NFPs鈥�); and (3) employee benefit plans that file financial statements with the SEC.

** That had not issued GAAP-compliant financial statements reflecting the adoption of ASC 842 before June 3, 2020.

Key Impacts:

  • Lessees will recognize all leases, including operating leases, with a term greater than 12 months on-balance sheet
  • Key balance sheet measures and ratios may change, IT systems may need to be upgraded or modified, and accounting processes and/or internal controls will need to be revised
  • Lessees can choose between two transition methods, with additional practical expedients available
  • Sale-leaseback accounting is substantially changed
  • Both qualitative and quantitative disclosures are expanded

Report contents

Resource
Handbook: Leases
Latest edition: Our in-depth guide to ASC 842 鈥� with Q&As, interpretive guidance and examples.
Read more
  • In a snapshot
  • Effective dates
  • The transition approach
  • Leases on-balance sheet
  • Other key considerations

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Executive Summary

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Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

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The information contained herein is not intended to be 鈥渨ritten advice concerning one or more Federal tax matters鈥� subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

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