Hello, everyone! Welcome back to our channel. Today, we're diving into ASC 842 and how to calculate an amortization schedule for leases. ASC 842, set by the Financial Accounting Standards Board (FASB), requires organizations to recognize assets and liabilities for leases longer than 12 months on their balance sheets. This video will guide you through the key concepts of ASC 842, including lease classification, lease liability, and right-of-use (ROU) assets. We'll also walk you through a step-by-step process to calculate an amortization schedule with a practical example. By the end of this video, you'll be able to simplify your lease accounting and ensure compliance with ASC 842. Stay tuned!
Topics Covered:
Understanding ASC 842
Key concepts of lease accounting
Step-by-step guide to calculating an amortization schedule
Practical example with detailed calculations
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