© Dixon Hughes Goodman LLP. During the implementation of ASC 842 and for leases entered into subsequent to the adoption of ASC 842, companies must determine whether a lease includes a lease component and one or more non-lease components. For other entities, ASC 842 goes into effect for fiscal years beginning after December 15, 2021 (i.e., will be effective for calendar year-end companies on January 1, 2022.)
  • Internal Audit
  • This example uses a single lease example, rather than a portfolio of leases, to illustrate the accounting under current guidance, the transition entry to ASC 842, and go forward accounting for leases that existed at the effective date.
  • Healthcare
  • Approaches to Emerging Strong
  • Guide to auditing the implementation of ASC 842, Leases | 1 .
  • Lease Accounting
  • (ASC 842-20-55-53 provides an example of these disclosures.)
  • Assurance FASB ASC 842 Lease Accounting Handbook 5 Exhibit 1: Executive Summary of Proposed Lease Accounting Rules Timeline: • The final standard issued in 2016 .