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if youamp;#39;re wondering what the heck is aac842 then this video is for you AC 842 is a new lease accounting standard thatamp;#39;s shaking things up for companies that lease assets like real estate vehicles and Equipment it was issued by the fasbee in 2016 and went into effect in 2019 for public companies and in 2021 for private companies so whatamp;#39;s all the fuss about ASC 842 first itamp;#39;s forcing lessons to recognize right of these assets and Lease liabilities on their balance sheet for all leases longer than 12 months regardless of whether theyamp;#39;re operating or a finances no more sneaky ways to high in your lease obligations in the footnotes of your balance sheet guys second AC 842 is changing the definition of a lease in an effort to create more transparency and consistency and Lease accounting under ASC 842 a lease is defined as a contract or part of a contract that conveys the right to control the use of an identified property plant or equipment or an ident
