Understanding the Latest Accounting Standards Update 2023-01 Leases: Common Control Arrangements
Withum
NOVEMBER 3, 2023
This update addressed two issues: Terms and Conditions and Leasehold Improvements. Issue 1 – Terms and Conditions If an arrangement between related parties is determined to be a lease in accordance with ASC 842, the entity must classify the lease the same as it would if the parties are unrelated.
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