Updated lease accounting guide

A guide to lease accounting under ASC 842 assists entities in applying the guidance in Topic 842, Leases, of the Financial Accounting Standards Board's Accounting Standards Codification (ASC). The November 2025 edition of this guide has been updated for the following. Added discussion of:

• Transfer arrangements containing repurchase options and if they are within the scope of ASC 842
• Additional factors to consider when calculating the rate implicit in the lease
• Accounting for costs incurred in a sale-leaseback transaction
• Presentation of lease expense for an operating lease when the right-of-use asset is impaired or when the operating lease is subject to abandonment accounting

The update also removed discussion of lease concessions granted as a result of the COVID-19 pandemic and removed discussion of the FASB Staff Q&A on lease concessions related to the COVID-19 pandemic. Additionally, it was updated for the issuance of Accounting Standards Update 2025-03 and other minor updates and clarifications.