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Wiley GAAP 2021, 2nd Edition
book

Wiley GAAP 2021, 2nd Edition

by Joanne M. Flood
March 2021
Intermediate to advanced content levelIntermediate to advanced
1424 pages
51h 16m
English
Wiley
Content preview from Wiley GAAP 2021, 2nd Edition

56ASC 842 LEASES

  1. Perspective and Issues
    1. Technical Alerts
      1. ASU 2019‐10 and ASU 2020‐05, Deferrals in the Effective Dates
      2. ASU 2016‐02—Putting It on the Balance Sheet
      3. ASU 2018‐01
      4. ASU 2018‐10
      5. ASU 2018‐11
      6. ASU 2018‐20
      7. ASU 2019‐01
    2. Subtopics
    3. Scope
    4. Determining Whether a Lease Is Present in the Contract
      1. Economic Benefit from the Use of the Asset
      2. Direct the Use of the Asset
      3. Lessee
      4. Lessor
  2. Overview
  3. Definitions of Terms
  4. Concepts, Rules, and Examples
    1. Lease Classification
    2. Reassessment
    3. Modifications
    4. Subsequent measurement
    5. Significant Changes in ASC 842
      1. Definition of a Lease
      2. Lease Accounting
    6. Presentation—Using the Display Approach
    7. Disclosures Under ASC 842
    8. Implementation Considerations

PERSPECTIVE AND ISSUES

Technical Alerts

ASU 2019‐10 and ASU 2020‐05, Deferrals in the Effective Dates The FASB deferred the effective date for ASU 2016‐02, Lease, first in ASU 2019‐10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, and most recently in ASU 2020‐05.

In June 2020, the FASB issued ASU 2020‐05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities. Because of the COVID‐19 pandemic, the FASB in this ASU provides a deferral in the effective date for “all other” entities to fiscal years beginning after December 15, 2021 and interim periods beginning after December 15, 2022. These dates are reflected in the chart below and “all other” entities is ...

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Publisher Resources

ISBN: 9781119736172