Accounting standard codification 842, leases

“Uniqus’ ASC Insights Series: Guide to Accounting Standards”, is where we combine our collective wisdom to understand various Accounting Standard Codifications (ASCs) comprehensively and in a crisp manner. This series is an invaluable tool for accounting professionals, offering detailed explanations, illustrative examples, and our expert point of view. Designed to support your professional journey, this guide helps you navigate complex accounting scenarios and deepen your knowledge.

ASC 842 provides guidance on lease accounting. With the objective of recognizing most of the leases on the balance sheet, the FASB issued this new lease standard. Under ASC 842, leases are accounted for based on a “right-of-use model.”