Wiley Practitioner's Guide to GAAP 2022

56ASC 842 LEASES

• Perspective and Issues
  • Technical Alerts
    • ASU 2019‐10 and ASU 2020‐05, Deferrals in the Effective Dates
    • ASU 2016‐02—Leases
    • ASU 2018‐01
    • ASU 2018‐10
    • ASU 2018‐11
    • ASU 2018‐20
    • ASU 2019‐01
• Overview
• Definitions of Terms
  • Subtopics
  • Scope
    • Determining Whether a Lease Is Present in a Contract
    • Economic Benefit from the Use of the Asset
    • Right to Direct the Use of the Asset
    • Separating the Components of an Asset
    • Lessee
    • Lessor
• Concepts, Rules, and Examples
  • Identifying a Lease
  • Lease Classification
    • Embedded Lease
  • Example of an Embedded Lease
  • Modifications
  • Example of Lease Modification—New Contract
  • Example of Lease Modification—Not a Separate Contract
  • Initial Measurement
    • Lease Term
    • Lease Payments
    • Discount Rate
  • Subsequent Measurement
  • ASC 842‐20, Lessees
    • Short‐Term Leases
    • Recognition
    • Finance Leases
    • Operating Leases
    • Example of Lessee Accounting for a Finance Lease—Asset Returned to Lessor
    • Example of Lessee Accounting for a Finance Lease
  • ASC 842‐30, Lessor
    • Sales‐Type Leases
    • Fair Value of the Underlying Assets
  • Example of Lessor’s Accounting for a Sales‐Type Lease
    • Operating Lease
  • ASC 842‐40, Sale and Leaseback Transactions
    • Determining Whether the Transfer of an Asset Is a Sale
    • Transfer of the Asset Is a Sale
    • Transfer of the Asset Is Not a Sale
  • Presentation—Using the Display Approach
  • 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 ...