ASC 842 Leases
E123140
ASC 842 Leases is the U.S. GAAP accounting standard that overhauled lease accounting by requiring most leases to be recognized on the balance sheet as right-of-use assets and lease liabilities.
All labels observed (4)
| Label | Occurrences |
|---|---|
| ASC 840 | 1 |
| ASC 842 Leases canonical | 1 |
| Accounting Standards Codification Topic 842, Leases | 1 |
| Topic 842 Leases | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T1080074 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: ASC 842 Leases Context triple: [US GAAP, includesStandard, ASC 842 Leases]
-
A.
LEI
LEI is the commonly used abbreviation for Leiden University, one of the oldest and most prestigious universities in the Netherlands.
-
B.
Subchapter L
Subchapter L is the portion of the U.S. Internal Revenue Code that sets forth the federal income tax rules applicable to insurance companies.
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C.
AOUSC
AOUSC is the central administrative agency that provides support, policy guidance, and management services to the federal judiciary of the United States.
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D.
Annex SL high-level structure for ISO management system standards
Annex SL high-level structure for ISO management system standards is a standardized framework that provides a common core text, terms, and definitions to harmonize the design and implementation of all ISO management system standards.
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E.
ISO 2108
ISO 2108 is the international standard that defines the structure and use of the International Standard Book Number (ISBN) system for identifying books and related publications.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: ASC 842 Leases Target entity description: ASC 842 Leases is the U.S. GAAP accounting standard that overhauled lease accounting by requiring most leases to be recognized on the balance sheet as right-of-use assets and lease liabilities.
-
A.
LEI
LEI is the commonly used abbreviation for Leiden University, one of the oldest and most prestigious universities in the Netherlands.
-
B.
Subchapter L
Subchapter L is the portion of the U.S. Internal Revenue Code that sets forth the federal income tax rules applicable to insurance companies.
-
C.
AOUSC
AOUSC is the central administrative agency that provides support, policy guidance, and management services to the federal judiciary of the United States.
-
D.
Annex SL high-level structure for ISO management system standards
Annex SL high-level structure for ISO management system standards is a standardized framework that provides a common core text, terms, and definitions to harmonize the design and implementation of all ISO management system standards.
-
E.
ISO 2108
ISO 2108 is the international standard that defines the structure and use of the International Standard Book Number (ISBN) system for identifying books and related publications.
- F. None of above. chosen
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
U.S. GAAP accounting standard
ⓘ
lease accounting standard ⓘ |
| allows | use of lessee’s incremental borrowing rate when the rate implicit in the lease is not readily determinable ⓘ |
| allowsPracticalExpedient | accounting policy election to not separate nonlease components for certain asset classes ⓘ |
| appliesTo |
lessees
ⓘ
lessors ⓘ most leases ⓘ |
| classificationCategoriesForLessees |
finance lease
ⓘ
operating lease ⓘ |
| classificationCategoriesForLessors |
direct financing lease
ⓘ
operating lease ⓘ sales-type lease ⓘ |
| codificationTopicNumber | 842 ⓘ |
| defines | lease as a contract that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration ⓘ |
| definesShortTermLeaseAs | lease term of 12 months or less without purchase option reasonably certain to be exercised ⓘ |
| effectiveFor |
most private entities for fiscal years beginning after December 15, 2021
ⓘ
public business entities for fiscal years beginning after December 15, 2018 ⓘ |
| fullName |
Accounting Standards Codification Topic 842, Leases
ⓘ
linked to:
ASC 842 Leases
|
| governs | lease accounting ⓘ |
| issuedBy | Financial Accounting Standards Board ⓘ |
| jurisdiction |
United States
ⓘ
linked to:
United States of America
|
| measurementBasis | present value of lease payments ⓘ |
| objective | increase transparency and comparability of lease obligations ⓘ |
| partOf | FASB Accounting Standards Codification ⓘ |
| providesPracticalExpedient | short-term lease exemption ⓘ |
| replaced |
ASC 840
ⓘ
linked to:
ASC 842 Leases
|
| requires |
disclosure of maturity analysis of lease liabilities
ⓘ
disclosure of qualitative information about leases ⓘ disclosure of significant judgments and assumptions in applying lease accounting ⓘ discounting lease payments using the rate implicit in the lease when readily determinable ⓘ identification of embedded leases in contracts ⓘ identification of lease and nonlease components ⓘ reassessment of lease term upon certain events or changes in circumstances ⓘ recognition of lease expense for operating leases generally on a straight-line basis ⓘ recognition of right-of-use asset initially measured at cost ⓘ separate interest and amortization expense for finance leases ⓘ separate presentation or disclosure of operating and finance lease amounts ⓘ subsequent measurement of finance lease right-of-use assets similar to owned assets ⓘ use of judgment in determining whether a contract contains a lease ⓘ |
| requiresRecognitionOf |
lease liabilities
ⓘ
right-of-use assets ⓘ |
| scopeExcludes |
leases of assets under construction
ⓘ
leases of biological assets ⓘ leases of intangible assets ⓘ leases of inventory ⓘ leases to explore for or use nonregenerative resources ⓘ |
| scopeIncludes |
finance leases
ⓘ
operating leases ⓘ subleases ⓘ |
| transitionMethod | modified retrospective approach ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: ASC 842 Leases Description of subject: ASC 842 Leases is the U.S. GAAP accounting standard that overhauled lease accounting by requiring most leases to be recognized on the balance sheet as right-of-use assets and lease liabilities.
Referenced by (4)
Full triples — surface form annotated when it differs from this entity's canonical label.