Lease Standard
The Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases, (codified as ASC 842) back in 2016, after nearly a decade-long convergence project with the International Accounting Standards Board. After the pandemic-related deferral, the effective date to comply with FASB’s new lease standard is quickly approaching for non-public entities.
This Lessee video series will discuss the major changes as a result of ASC 842 and help you to understand the new lease standard for non-public business entities.
Learn about the accounting policy elections and practical expedients to consider when you transition to ASC 842 as well as a comprehensive explanation of what is a lease, components of a lease contract, lease term, lease payments, discount rates, lessee accounting, including lease classification and measurement, as well as lessee presentation and disclosure considerations.
Please note that content is subject to change based on any new updates issued after October 31, 2021.
ASC 842 Lessee Implementation Guide
As you work through the application of ASC 842 in your organization, this guide will provide a comprehensive look at the standard. To make things simple, we’ve organized everything by key topics. These sections include relevant definitions, a comparison of current requirements compared to new requirements, context for the reasoning behind the changes, accounting examples along with journal entries, as well as sample disclosures.
This guide should be used in combination with a thorough analysis of the relevant facts and circumstances and review of the authoritative accounting literature.
Related Articles View All Thought Leadership
September 23, 2024
By Joe Nett, CPA, Manager at Blue & Co. LLC In today’s fast-paced manufacturing environment, managing costs efficiently is vital for staying competitive and driving long-term success. By adopting strategic […]
March 27, 2024
By Nancy Orben, CPA, Senior Manager at Blue & Co. Intuit has announced an official cutoff date for new purchases of QuickBooks Desktop. How does this effect you? If your […]
April 11, 2023
By Nancy Orben, CPA, Senior Manager, Laura Philpot, Senior Accountant, Business Services, and Lisa Totten, Senior Accounting Specialist at Blue & Co. Is your business feeling the impact of Intuit’s […]
Connect with our team.
To learn more about our services and areas of expertise, send us a message.
Monday night, in celebration of Stokes & Housel turning Blue, we invited employees, clients, and community members in Bedford, IN, to attend a Blue & Co. open house at Bedford's historic Downtown Depot.![]()
![]()
![]()
![]()
![]()
![]()
It was a night full of great food, fun giveaways, and buzzing conversation. We are thankful for everyone who attended and look forward to continuing to strengthen our relationships in Bedford.![]()
![]()
![]()
![]()
![]()
![]()
#BedfordIN #LifeatBlue #ClientAppreciation
Blue & Co. is growing again! 🎉 Effective December 16, 2024, Stokes & Housel, CPA will join Blue & Co., bringing another Southern Indiana office into the firm. ![]()
![]()
![]()
![]()
![]()
![]()
“We are thrilled to announce the opening of our newest office in Bedford, Indiana, marking the fourth location in our Southern Indiana practice,” said Brad Shaw, Managing Director of Blue & Co. “This addition is a testament to our commitment to our clients’ growing needs while also reinforcing our core values of being responsive and caring advocates. We look forward to providing exceptional service and continuing to serve the Bedford community with unwavering excellence.”![]()
![]()
![]()
![]()
![]()
![]()
Blue & Co. will be adding seven employees from Stokes & Housel with expertise in tax preparation, client accounting services, consulting, strategy, and payroll. ![]()
![]()
![]()
![]()
![]()
![]()
To read the full announcement, please visit our website at hubs.la/Q02_XRNp0 ![]()
![]()
![]()
![]()
![]()
![]()
#SouthernIndianaBusiness #StokesandHousel #BedfordIN
Quick Links
Copyright © 2024, Blue & Co., LLC.
All Rights Reserved.