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ASC 842 and Commercial Lease Accounting

ASC 842 and Commercial Lease Accounting

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July 2022

Commercial real estate leases are likely to go through major changes in 2022. A new accounting standard known as ASC 842 has become mandatory for most private companies. ASC 842 sets broad standards for many kinds of leases, including real property, vehicles, machinery and equipment. It requires the inclusion of many leases on company balance sheets. Businesses that have not already started preparing for these changes should start as soon as possible.

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