n 2019, the new FASB lease accounting standard, ASC 842, began to go into effect for public company filers. Healthcare Consulting
842-10-55-248 Example 29 illustrates lessee accounting for the transition of existing operating leases when an entity elects the transition method in paragraph 842-10-65-1(c)(1).
Download White paper. Because ASC 842 only requires a company to apply the new rules to leases in place as of the adoption date, the FASB's relief allows a meaningful reduction in the work required to apply the new standard. FASB Accounting Standards Update 2019-01 Provides Clarity on Certain Leasing Standard Implementation Issues, Leases: Not Just for the Footnotes Anymore,