ASC 842 definition

ASC 842 means Accounting Standards Codification Topic 842, Leases.

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ASC 842 has the meaning set forth in Section 1.2(c).

ASC 842 shall have the meaning provided in the definition of “Capital Lease”.

Examples of ASC 842 in a sentence

Any lease that is characterized as an operating lease in accordance with GAAP after the Borrower’s adoption of ASC 842 (regardless of the date on which such lease has been entered into) shall not be a capital or finance lease, and any such lease shall be, for all purposes of this Agreement, treated as though it were reflected on the Borrower’s consolidated financial statements in the same manner as an operating lease would have been reflected prior to Borrower’s adoption of ASC 842.
Notwithstanding anything herein to the contrary, any obligation of a Person under a lease that is not (or would not be) required to be classified and accounted for as a capitalized lease on a balance sheet of such Person shall not be treated as a capitalized lease as a result of the adoption of FASB ASC 842 (or any other similar promulgation or methodology under GAAP with respect to the same subject matter as FASB ASC 842) and/or any future changes in GAAP or changes in the application of GAAP.
Notwithstanding the foregoing, with respect to the accounting for leases as either operating leases or capital leases, the impact of FASB ASC 840 and FASB ASC 842 or any subsequent pronouncement having similar effect shall be disregarded.
Under FASB ASC 842, finance and operating leases will be reflected on the Company's balance sheet.
Company also does not want to be subject to lease treatment as set forth in FASB Accounting Standards Codification 842, Leases, effective January 1, 2019 ("FASB ASC 842").

More Definitions of ASC 842

ASC 842 means Financial Accounting Standards Board Accounting Standards Codification 842.

ASC 842 means Financial Accounting Standards Board ASU No. 2016.02, Leases (Topic 842), as in effect and applicable to fiscal years and interim periods beginning immediately before December 15, 2018.

ASC 842 means Accounting Standards Codification 842, as published by the Financial Accounting Standards Board.

ASC 842. “ASC 842” means Accounting Standards Codification Topic 842, originally issued by the Financial Accounting Standards Board (“FASB”) as Accounting Standards Update (“ASU”) 2016-02 in February 2016, as modified or clarified by ASU 2018-11 and any other subsequent updates and clarifications issued by the FASB from time to time.”

ASC 842 has the meaning specified in Section 1.03.

ASC 842 means the Accounting Standards Update No. 2021-05, Leases (Topic 842) issued by the Financial Accounting Standards Board in July 2021.

ASC 842 means Accounting Standards Codification No. 842 adopted by the Financial Accounting Standards Board. “business day(s)” has the meaning set forth in Rule 14d-1(g)(3) of the Exchange Act.