The Impact of ASC 842 – The New Lease Standard Is Here
Construction Business Owner
JUNE 1, 2022
ASC 842 keeps the same two-model lease classification but requires most off-balance-sheet leases, regardless of classification type, to be recorded on the balance sheet. These types of transactions are not always sufficiently documented, and terms and conditions may not be at arm’s length. Consider the benefits of practical expedients.
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