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ASC 842

ASC 842

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**ASC 842**

What is ASC 842?

ASC 842 is the Financial Accounting Standards Board's (FASB) Accounting Standards Codification Topic 842, which outlines the accounting for leases. It requires companies to recognize lease assets and lease liabilities on the balance sheet for leases with terms longer than 12 months. It is commonly used by businesses to ensure they are complying with lease accounting standards and accurately representing their financial position.

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