{"id":9102,"date":"2021-12-15T14:57:48","date_gmt":"2021-12-15T19:57:48","guid":{"rendered":"https:\/\/www.dmcpas.com\/?page_id=9102"},"modified":"2021-12-15T14:57:48","modified_gmt":"2021-12-15T19:57:48","slug":"asc-842-new-lease-standard","status":"publish","type":"page","link":"https:\/\/www.dmcpas.com\/resources\/asc-842-new-lease-standard\/","title":{"rendered":"ASC 842 New Lease Standard"},"content":{"rendered":"<p>ASC 842 is set to replace the legacy rules under ASC Topic 840. ASC 842 is now effective for private companies and nonprofit organizations annual reporting periods beginning after December 15, 2021. This change will mean that under the new standard, companies will have to capitalize all leases with terms greater than 12 months, creating a new asset and liability on the balance sheet. In addition, all leases will be classified as operating or financing leases (\u201ccapital lease\u201d). A key element of this standard is that it does not grandfather existing leases.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ASC 842 is set to replace the legacy rules under ASC Topic 840. ASC 842 is now effective for private companies and nonprofit organizations annual reporting periods beginning after December 15, 2021. This change will mean that under the new standard, companies will have to capitalize all leases with terms greater than 12 months, creating<a class=\"excerpt-read-more\" href=\"https:\/\/www.dmcpas.com\/resources\/asc-842-new-lease-standard\/\" title=\"ReadASC 842 New Lease Standard\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"parent":131,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-full-width.php","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"class_list":["post-9102","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ASC 842 New Lease Standard - Dannible and McKee LLP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dmcpas.com\/resources\/asc-842-new-lease-standard\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASC 842 New Lease Standard - Dannible and McKee LLP\" \/>\n<meta property=\"og:description\" content=\"ASC 842 is set to replace the legacy rules under ASC Topic 840. ASC 842 is now effective for private companies and nonprofit organizations annual reporting periods beginning after December 15, 2021. This change will mean that under the new standard, companies will have to capitalize all leases with terms greater than 12 months, creating... 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