3.2.1.1 New guidance - Leases between entities under common control
The terms of a lease arrangement determine how a lease is classified and the resulting income statement recognition.
US Leases guide 3.2
31 May 2023
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Lease accounting
The FASB’s lease accounting standard change, ASC 842, presents dramatic changes to the balance sheets of lessees. While not as dramatic, changes for lessor accounting include those to align with certain changes in the lessee model and the new revenue recognition standard.
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Insights from PwC
Lease accounting lessons from 200 public companies: Top three implementation mistakes to avoid
Many private companies are breathing a collective sigh of relief since the FASB postponed the effective date for the new lease accounting standard (ASC 842) — now Q1 2021 for calendar year-end private companies. The one-year deferral has some moving implementation plans to the back burner. But ask the public companies that have already implemented ASC 842 and they’ll tell you — waiting to start could be a big mistake.
