Accounting Standard Codification (ASC) 842 is the new lease standard, and Stout has released a guide designed to give practical guidance and key takeaways from their experience with both public- and private-company adoptions. Public business entities have already adopted the new lease guidance. For private companies, the standard is effective for fiscal years beginning after Dec. 15, 2021. One consideration is impairment—leases will show up on the balance sheet and will be subject to impairment consistent with any other long-lived asset. The guide is available if you click here.