What is a Lease Under ASC 842? скачать в хорошем качестве

What is a Lease Under ASC 842?

This video explains when ASC 842 is applicable and how leases appear in financial statements. Agreements are considered leases only when they have certain characteristics, such as identifying specific assets and conveyance of control of the asset. If the agreements don't meet these conditions, then they are not considered a lease, according to FASB. But if the agreement is a lease, then a right-of-use asset and lease liability will appear on the balance sheet, and amounts will appear in the income statement and cash flow statement, depending upon whether there is an operating or financing lease. 0:00 Introduction 1:32 Four characteristics of a lease 3:02 Definition of a lease 3:38 Must be a contract 4:18 Control of the asset 5:05 Identified asset 6:55 Lease impact to financial statements 12:00 Summary