Understanding ASC 842 & How to Handle Future Lease Obligations
Construction Business Owner
FEBRUARY 28, 2023
Understanding ASC 842 & How to Handle Future Lease Obligations ccapoccia Tue, 02/28/2023 - 08:52 With the start of 2023, the long-awaited new lease accounting standard implementation date has arrived for private companies. All private companies with annual reporting periods beginning after Dec. 15, 2022, should have adopted ASC 842 by now. The companies should have evaluated all their leases and recorded their 2022 year-end financial statements in accordance with the new standard.
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