A guide to lease accounting
GUIDE | December 18, 2023
Authored by RSM US LLP
A guide to lease accounting under ASC 842 has been updated primarily to incorporate the accounting for leases by lessors, which was previously included in RSM’s Lessor accounting under ASC 842 white paper. The updated publication is now one comprehensive lease accounting guide for lessees and lessors. Additionally, the updated guide to lease accounting encompasses guidance from the following Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB):
- ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (see section 22.214.171.124 of the guide)
- ASU 2023-01, Leases (Topic 842): Common Control Arrangements (see sections 3.1.1 and 10.3.4 of the guide)
- ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which adds to FASB Accounting Standards Codification (ASC) Topic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Costs (see sections 7.5, 7A.2.4 and 7A.2.7 of the guide)
Call us at +1 213.873.1700, email us at firstname.lastname@example.org or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by RSM US LLP and originally appeared on 2023-12-18.
2022 RSM US LLP. All rights reserved.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Vasquez & Company LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Vasquez & Company LLP can assist you, please call +1 213.873.1700.
Subscribe to receive important updates from our Insights and Resources.