Search within this section
Select a section below and enter your search term, or to search all click Financial statement presentation
Favorited Content
14.2 Scope and relevant guidance
Publication date: 12 Nov 2019
us Financial statement presentation guide 14.2
ASC 840, Leases, provides the authoritative guidance for accounting and reporting by both lessees and lessors.
New guidance
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance includes a new leasing model with implications for all leases. ASU 2016-02 is effective for most public business entities for fiscal years beginning after December 15, 2018 (including interim periods). On October 16, 2019, the FASB voted to defer the effective date for all other entities to fiscal years beginning after December 15, 2020. Early adoption is permitted.
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
Link copied
