Accounting Standards Update

Accounting Standards

Accounting Standards Update No. 2018-01—Leases (Topic 842)—Land Easement Practical Expedient for Transition to Topic 842

A number of stakeholders inquired about the application of Topic 842 to land easements. Land easements (also commonly referred to as rights of way) represent the right to use, access, or cross another entity’s land for a specified purpose. There currently is diversity in practice in accounting for land easements.

The amendments in this Update provide an optional transition practical expedient to not evaluate under Topic 842 existing or expired land easements that were not previously accounted for as leases under Topic 840, Leases. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date that the entity adopts Topic 842. An entity that does not elect this practical expedient should evaluate all existing or expired land easements in connection with the adoption of the new lease requirements in Topic 842 to assess whether they meet the definition of a lease.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2017-290—Leases (Topic 842)—Land Easement Practical Expedient for Transition to Topic 842, which has been deleted.

Course Research Paper Guidelines: Use established style requirements. Quickly speaking, the course paper format requirements are: 1. A major individual research effort. 2. Approx. 15 pages but that depends on the difficulty of the topic. 3. Double spaced, 12 pt font, 1″ margins all around. 4. FORMAL DOCUMENTS ARE NEVER RIGHT JUSTIFIED. Justify left margin only. 5. Topic regarding ASC Updates and assigned by instructor. 6. Cover page, abstract, introduction, literature review section, then SEPARATELY your opinion section. 7. 5-7 references on a reference page. I prefer footnotes although established style requirements presently use endnotes.

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