ASC 842 Lease Accounting Standard Handbook for Private Companies
Even though your deadline for complying may have moved out, it is time to start getting your organization ready to meet the new ASC 842 Compliance standard for private organizations. Your leasing portfolio is probably more complex than you realize, so utilizing this extra time will pay off as you start to automate the process.
The US GAAP lease accounting standard, ASC 842, requires that all leases, both operating and finance, are moved on-balance sheet unless the lease term is less than 12 months. The on-balance sheet requirement of the new standard is creating a huge implementation challenge for private companies. The challenge is worse for companies with large equipment leasing portfolios, because equipment leasing programs are typically decentralized, making it difficult to track down the data needed to comply with the new standards.
Download the ASC 842 handbook to learn:
- How to get your organization started now
- What the new FASB ASC 842 rules entail
- The SEC reporting imports
- Which data and documents you’ll need to collect
- Required lease accounting software changes
- Real world accounting examples