ASC 842, Leases: Implementation Issues & Lessons Learned

Overview

Recall lessons learned and practical implementation challenges and complexities with the FASB's Accounting Standard Update for Leases (ASC Topic 842). Identify key differences between ASC Topic 842 and ASC Topic 840, Practical Expedients, remeasurement-triggering events. Session will go beyond the basics and will apply to specific examples.

Prerequisites

None

Objectives

• Identify the complexities of the new FASB lease standard and its implementation challenges.

Highlights

• FASB's Accounting Standard Update for Leases (ASC Topic 842)
• Key differences between ASC Topic 842 and ASC Topic 840
• Implementation options, entries, practical expedients, and remeasurement-triggering events
• FASB ASU 2023 - 01 - Leases (Topic 842): Common Control Arrangements