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Version 1.0Issued: November 2, 2016, Comments Due: December 2, 2016Leases under Topic 842 (Taxonomy Version 2017*)FAST U.S. GAAP Financial Reporting Taxonomy (Taxonomy) Implementation Guide Series×Pending

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How to fill out leases under topic 842

01

To fill out leases under topic 842, follow these steps:

02

Identify all the leases that are subject to topic 842.

03

Gather all the relevant lease information, such as lease terms, rental payments, and lease incentives.

04

Determine the lease classification (either as an operating lease or finance lease) based on the criteria provided in topic 842.

05

Recognize the lease liability and right-of-use asset on the balance sheet.

06

Measure the lease liability as the present value of lease payments over the lease term, using the discount rate specified in topic 842.

07

Allocate the lease payment between the lease liability and the interest expense using amortization tables.

08

Recognize the right-of-use asset at the initial measurement amount, which includes the lease liability, any initial direct costs, and lease incentives.

09

Measure subsequent changes to the lease liability and right-of-use asset, such as lease modifications or reassessments, and make appropriate adjustments to the financial statements.

10

Disclose the relevant lease information in the financial statements, including lease commitments, weighted average remaining lease term, and discount rates used.

Who needs leases under topic 842?

01

Leases under topic 842 are needed by organizations that lease assets for their operations and are required to comply with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 842. This includes both lessees and lessors who enter into lease agreements for various types of assets, such as real estate, vehicles, equipment, or machinery. Compliance with topic 842 ensures that the financial statements accurately reflect the lessee's rights and obligations arising from leasing arrangements, providing transparency and comparability in financial reporting.

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What is leases under topic 842?

Leases under topic 842 refer to the accounting standard issued by FASB for reporting lease arrangements in financial statements.

Who is required to file leases under topic 842?

Entities that are required to follow GAAP for financial reporting are required to file leases under topic 842.

How to fill out leases under topic 842?

Leases under topic 842 should be filled out following the guidelines provided in the standard, including recognizing lease assets and liabilities.

What is the purpose of leases under topic 842?

The purpose of leases under topic 842 is to provide more transparency regarding lease obligations on financial statements.

What information must be reported on leases under topic 842?

Information such as lease liabilities, lease assets, lease term, and lease payments must be reported on leases under topic 842.

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