The Impact of ASC 842 – The New Lease Standard Is Here
Construction Business Owner
JUNE 1, 2022
Going forward there will be a long-term asset offset by a current liability and a long-term liability. According to ASC 842-10-55-12, these leases “should be classified in accordance with the lease classification criteria applicable to all other leases on the basis of the legally enforceable terms and conditions of the lease.”
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