Accounting for Leases: Adopting ASC 842

October 2021

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As entities ready themselves to adopt ASC 842 and obtain an understanding of the transition requirements, they should consider the new and/or updated processes and controls required for a robust adoption, implementation and ongoing application of the new standard.

The final installment in our Accounting for Leases Under ASC 842 series, this article summarizes the transition requirements of the new standard. It includes insights into certain aspects of the transition requirements, as well as practical examples.
 

What’s inside:

  • Summary of final effective dates.
  • List of transition methods.
  • Explanation of transition disclosures and exceptions.
  • List of transition practical expedients provided by the FASB.
  • Transition guidance for lessees.
  • Transition guidance for lessors.
  • Other transition requirements included in ASC 842.