Every private company in the United States that prepares financial statements according to GAAP standards must adopt the new ASC 842 lease accounting standard. Here’s what you need to know before you get started.
National Lease Advisors President, Ed Muna, shares lessons learned from helping public companies adopt the new ASC 842 lease accounting standard.
As a result of the COVID-19 pandemic, many companies have negotiated rent deferrals with their landlord. Under a normal environment, ASC 842 would require a remeasurement of the right of use asset and lease liability. Of course, this is not a normal environment.