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Implementation process:A. Describe technical resources used in adopting the new guidance. [Describe.] B. Indicate who at the company was responsible for overseeing and reviewing adoption of the new
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Companies or individuals who are required to adhere to ASC 842 standards for lease accounting

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gfccom wp-content uploadsasc 842 refers to the new lease accounting standard issued by the Financial Accounting Standards Board (FASB) known as ASC 842.
Any entity that enters into lease agreements for assets must comply with ASC 842 and file the required information.
ASC 842 requires entities to disclose information about their lease agreements, including lease terms, lease payments, and lease liabilities.
The purpose of ASC 842 is to provide transparency and improve financial reporting related to lease agreements.
Entities must report lease terms, lease payments, and lease liabilities on ASC 842.
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