Volume I ASC 842 implementation series
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Volume I ASC 842 implementation series

6 years ago · 184.8 KB Download

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A multi-part CPEA series

On February 25, 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases, (the new lease standard) culminating a decade long convergence project with the International Accounting Standards Board (IASB). The IASB issued IFRS 16, Leases, in January 2016. As detailed further below, the two standards are similar but different in substantive ways and the goal of convergence was only partially satisfied. The decade long project for the FASB included a 2009 Preliminary Views Discussion Paper and Exposure Drafts in 2010 and 2013. The new standard creates Topic 842, Leases, in the FASB Accounting Standards Codification (FASB ASC) and will supersede FASB ASC 840, Leases.

Public companies have already implemented the new lease standard with non-public company adoption required soon.

In this multi-part series, the CPEA dives into different aspects of the new lease standard. In part I we provide a high-level overview of the standard addressing the major changes to lease accounting, why the standard was issued, and how it will impact the financial statements.

In part II we narrow our focus to address a critical determination that was often missed or misunderstood under legacy US GAAP: the definition of a lease and the criteria an agreement must meet to be considered a lease under ASC 842.

In part III we focus on the major areas of change as a result of the new lease standard. In Part III, we focus on reassessments of initial measurements, lessor accounting and variable lease payments and transition for existing leases and related practical expedients.

In Part IV, we focus on the definition and determination of the lease term, which is a crucial aspect of the new standard affecting the classification of a lease, the determination of lease payments, the measurement of the lease asset and liability, and whether the lease meets the definition of a short-term lease.

Download the First part of the CPEA lease series

File name: CPEA-ASC-842-Part I.pdf

Download the Second part of the CPEA lease series

File name: CPEA-ASC-842-Part II.pdf

Download the Third part of the CPEA lease series

File name: CPEA-ASC-842-Part III.pdf

Download the Fourth part of the CPEA lease series

File name: CPEA-ASC-842-Part IV.pdf

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