Accounting for Leases: Identifying and Separating Components
Accounting for Leases: Identifying and Separating Components
In the second article in our Accounting for Leases Under ASC 842 series, Identifying a Lease, we discussed how to ensure a lease has been properly identified according to the FASB Master Glossary. Once an entity concludes that a contract is or contains a lease, the next step is to identify the components of the contract. Download the next article in our series to learn how.
What’s inside:
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When to apply ASC 842 or other GAAP.
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How to identify lease components.
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Key steps an entity should perform.
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Examples for identifying lease and nonlease components.
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Lessee guidelines for separating components.
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Lessor guidelines for separating components.
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Portfolio approach to ASC 842.
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Considerations for contract combination.
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