What’s new from EY To the Point: FASB staff clarifies accounting for lease concessions and other effects of COVID-19. In the time since FASB passed the new accounting standard ASC 842 in 2016, the organization has issued periodic updates to the codification for generally accepted accounting principles (GAAP). For other entities, ASC 842 goes into effect for fiscal years beginning after December 15, 2021 (i.e., will be effective for calendar year-end companies on January 1, 2022.) 2 December 2019 Applying IFRS - A closer look at IFRS 16 Leases 6.1 Definition 104 6.2 Intermediate lessor accounting 104 6.3 Sub-lessee accounting 107 6.4 Presentation 107 6.5 Disclosure 107 7. Under Accounting Standards Codification (ASC) 842, Leases, lessees recognize assets and liabilities for most leases but recognize expenses in a manner similar to today’s accounting (ASC 840, Leases). All entities classify leases to determine how to recognize lease-related expenses. Link copied Overview. 02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. Handbook: Leases. Latest edition: In this handbook, KPMG explains the new leases standard (ASC 842) in detail. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. Nonpublic dual reporters may decide to adopt both ASC 842 and IFRS 16 on the same date. ASC 842—Lease accounting. Sale and leaseback transactions 108 7.1 Determining whether the transfer of an asset is a sale 108 EY is a global leader in assurance, tax, transaction and advisory services. Accounting Standards Codification Topic 842, also known as ASC 842 and as ASU 2016-02, is the new lease accounting standard published by the Financial Accounting Standards Board (FASB).It replaced the previous US GAAP leasing standard, ASC 840, which is almost 40 years old.

The new FASB and IFRS lease accounting standards (ASC 842 and IFRS 16) will take effect in 2019 for public companies and in 2021 for private companies.

Subject AccountingLink. The US Week in Review highlights this week’s developments and emerging issues in the financial reporting world and gives you direct access to relevant technical accounting guidance and thought leadership produced by EY.

Update (ASU) 2016-02, Leases, which is codified in ASC 842. Download the guide Leases Our Leases guide addresses the accounting for leases under US GAAP. The Leases guide is a comprehensive resource for lessees and lessors accounting for leases under ASC 842, Leases. The new guidance could have broad implications for entities’ finances and operations. The new leases standard requires lessees to recognize assets and liabilities for most leases but recognize expenses on their income statement in a manner similar to today’s accounting. Financial Reporting Developments - Lease accounting - Accounting Standards Codification 842, Leases. Page 2 Overview Under Accounting Standards Codification (ASC) 842, Leases, lessees recognize assets and liabilities for most leases but recognize expenses in a manner similar to today’s accounting (ASC 840, Leases). For public entities, ASC 842 will go into effect for the annual period beginning after December 15, 2018, and calendar year 2019. New leases standard ASC 842 Lessee - operating leases Itai Gotlieb , Partner, Professional Practice July 2017. Glossary of key terms • Commencement date of the lease (commencement date) — The date on which a lessor makes an underlying asset available for use by a lessee. Download now.

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