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in this episode we will simplify ASC 842 the new lease accounting standard ASC 842 is a replacement for the previous lease accounting standard ASC 840 it requires all leases to be recorded on the balance sheet regardless of whether they are classified as operating or Capital leases the fasb changed the lease accounting standard to improve transparency and comparability of financial statements by requiring all leases to be recorded on the balance sheet investors will have a better understanding of a companys financial position and its obligations ASC 842 will affect companies in a number of ways first it will increase the amount of debt that companies must disclose on their balance sheets second it will make it more difficult for companies to hide liabilities by leasing assets instead of buying them third it will make it more difficult for companies to manipulate their earnings by leasing assets instead of buying them the key differences between between ASC 842 and ASC 840r under ASC 8
