All articles in this category pertain to ASC 840. ASC 840 is the former FASB lease accounting standard. Leases were classified as either capital or operating under ASC 840 and accounted for accordingly. Operating leases were not recorded on the balance sheet, but capital leases were. This treatment changed under ASC 842, which replaces ASC 840 as the current guidance for private and public companies that follow US GAAP.
Learn more about ASC 840 Leases below.