ASC 842 Lease Detail Disclosure Report
The iLeasePro ASC 842 Disclosure Consolidated Report is a report that will offer you a combined view into the Lease Liabilities, Right of Use Asset and Payment details of each lease. You can also export these details for easier access to update your financials.
Leases included are all active leases that commenced on or prior to the Report From Date selected and have an expiration date or early termination date on or after the Report Start Date.
Please refer to iLeasePro ASC 842 Lease Accounting Assumptions and Inputs for detailed information on the iLeasePro calculations and inputs
ASC 842 Disclosure Consolidated Report overview
The report is broken into four main sections;
- Data that is common to all leases
- Report Start Date
- Report End Date
- Lease Payments
1. Data that is common to all leases
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Lease Title: The title specified for the lease by the user
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Classification: Under the ASC 842 lease accounting standard, leases are classified as either finance leases or operating leases. This classification is crucial as it determines how the lease is recognized and reported in the financial statements.
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Inception Date: Refers to the date when the lease is initially recognized by the lessee
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Commencement Date: Refers to the date when a lessee is entitled to use the leased asset and lease payments begin.
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Expiration Date: The expiration date is the last day on which a contract, such as an options or futures contract, is valid. After this date, the contract ceases to exist and cannot be exercised.
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Useful Life Date (Finance): Refers to the estimated total period during which the leased asset is expected to be usable, with normal maintenance, for the purpose for which it was leased
- Relevant Borrowing Rate: Under ASC 842, which is the accounting standard for lease accounting, the Relevant Borrowing Rate, also known as the Incremental Borrowing Rate (IBR), is defined as the interest rate that a lessee would have to pay to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments, in a similar economic environment.
- Total Lifetime Lease Payments: Total Lifetime Lease Payments is the sum of all payments a lessee is required to make over the entire term of a lease agreements
- ROU Asset Cost At Commencement: The "ROU (Right-of-Use) Asset Cost at Commencement" is the initial value of the right-of-use asset recorded on a lessee's balance sheet at the start of a lease, under lease accounting standards like ASC 842. This cost typically includes the present value of lease payments, initial direct costs incurred by the lessee, and any lease payments made at or before the commencement date, minus any lease incentives received.
- Lease Liability At Commencement: Lease Liability at Commencement is the initial value of the obligation that a lessee records on the balance sheet for the future lease payments at the start of a lease term, under lease accounting standards like ASC 842. This liability is calculated as the present value of the future lease payments over the lease term, including fixed payments and variable payments that depend on an index or rate, initial direct costs, and any lease incentives, minus any lease payments made at or before the commencement date
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2. Report Start Date
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- Accumulated Amortization
- Net ROU Asset
- Current Lease Liability
- Non-Current Lease Liability
- Total Lease Liability
- Remaining Lease Term (Days)
- Remaining Lease Payments
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3. Report End Date
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- Accumulated Amortization
- Net ROU Asset
- Current Lease Liability
- Non-Current Lease Liability
- Total Lease Liability
- Remaining Lease Term (Days)
- Remaining Lease Payments
- Expense Amortization
- Expense Interest
- Expense Total
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4. Lease Payments
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- Year 1: Total Payment Amount from the Report End Date +1 day through the To Date 1 date selected
- Year 2: Total Payment Amount from the To Date 1 +1 day through the To Date 2 date selected
- Year 3: Total Payment Amount from the To Date 2 +1 day through the To Date 3 date selected
- Year 4: Total Payment Amount from the To Date 3 +1 day through the To Date 4 date selected
- Year 5: Total Payment Amount from the To Date 4 +1 day through the To Date 5 date selected
- Year 5+: Total Payment Amount from the To Date 5 +1 day through remaining lease term if greater than To Date 5
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Running the ASC 842 Disclosure Consolidated Report
From the main menu sidebar, select Reports. The select ASC 842 Disclosure Consolidated Report
You can now apply any data filters to display the report for the specific data you are interested in.
Operating Subsidiary: Select from the dropdown list, if you would like to report for leases in a specific Entity
Portfolio Group: Select from the dropdown list, if you would like to report for leases in a specific Group
Individual Lease: Select from the dropdown list, if you would like to report for a specific lease
Report From Date: This is the date that you would like the report data to start at. The dropdown list will show dates from the first inception date to the last expiration date of all of the leases in the account. It is important to note that the report data is As Of the Report From Date specified here.
Report To Date: This is the date that you would like the consolidated reported data to end by. The dropdown list will show end of month dates from the first inception date to the last expiration date of all of the leases in the account.
To Date 1: This date is used to show lease payments from the day after the Report To Date
To Date 2: This date is used to show lease payments from the day after the To Date 1 selected
To Date 3: This date is used to show lease payments from the day after the To Date 2 selected
To Date 4: This date is used to show lease payments from the day after the To Date 3 selected
To Date 5: This date is used to show lease payments from the day after the To Date 4 selected
Leases included are all active leases that commenced on or prior to the Report From Date selected and have an expiration date or early termination date on or after the Report Start Date.
Click on the Run Report button to display the report
This is a very large report so you should select Full Screen to allow you easy access to scroll across the report.
You can click on the Export button to have the report data sent to a csv file.
Additional Notes
Leases that will be excluded from the report include;
- Leases that commence and expire prior to the selected report end date
- Leases with a status of Inactive, Negotiating
- Leases that expire before the report start date selected
- Leases that starts after the report end date selected
Release 2022.01.04