For Business Valuations Accounting Standards Codification (ASC) Topic 842: Leases is the lease accounting standard published by the Financial Accounting Standards Board, which replaces prior guidance from ASC Topic 840. ASC 842 brings previously off-balance sheet operating leases onto a company’s balance sheet. The new standard takes effect for private companies in fiscal years starting after December 15, 2 ...

Following FASB’s issuance of its new leases standard, the first step in compliance for many companies is an evaluation of whether they possess all the data they need to report under the new rules.  Ken Tysiac, editorial director of JofA, explores four key considerations recommended for companies as they work to comply with the new leases standard. To read the full article in the Journal of Accountancy, clic ...