What is ASC 842?
The lease-accounting standard (effective for public companies in 2019, most private companies in 2022) that requires lessees to recognize a right-of-use asset and lease liability for most leases over 12 months. A reporting rule, not a tax rule.
Where you will use it: this term comes up in the Real Estate Finance course, and the full course glossary collects every term in one place.
Related terms
From the free Real Estate Finance course by Devon Coombs, CPA, MBA.