BDO's Professional Practice developed a practice aid to guide professionals through the process of Accounting for Leases Under ASC 842. Summarizing key aspects of FASB’s Accounting Standards Update (ASU) 2016-02 (“Topic 842” or “the new standard”), the aid will help private companies and nonprofits begin to apply the new standard, which takes effect for fiscal years starting after December 15, 2021.
The Practice Aid includes practical examples and interpretive guidance to assist companies and practitioners in their adoption and continued application of ASC 842. Divided into a series of articles focused on key aspects of the new lease standard, the Practice Aid is organized in the order an entity would apply ASC 842 and the corresponding questions the entity would need to address.
Explore the articles below and understand how to apply the accounting standard accurately, from start to finish.