# ASC 842

> ASC 842 — Topic 842, Leases — puts nearly every lessee lease longer than twelve months on the balance sheet as a right-of-use asset and a lease liability, classified as operating or finance.

Source: https://lopifi.com/glossary/asc-842
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

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**What is asc 842?** In accounting, ASC 842 means topic 842, Leases — puts nearly every lessee lease longer than twelve months on the balance sheet as a right-of-use asset and a lease liability, classified as operating or finance.

## Words this system refuses for it

- ASC 840 (superseded)
- off-balance-sheet lease

- **Category:** Fixed assets & leases
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)
- **Related:** right-of-use-asset, lease-liability, balance-sheet, liability, asset