Accounting Standards Codification 842, Leases, is likely one of the most important pieces of work from the Financial Accounting Standards Board (FASB) in years. The standard impacts organizations across all industries that have leases and issue any type of financial statement under U.S. Generally Accepted Accounting Principles (GAAP).
Accumulating the necessary data, as well as developing and implementing related processes and controls, can require significant time and resources.
Our Full service or à la Carte ASC 842 Lease Implementation Services
Identify and document current lease classifications and needed calculations for the transition date and subsequent reporting periods
Assist with identifying embedded leases
Assist with formally documenting lease policies surrounding reviewing, classifying and accounting for leases, including lease modifications and lease reassessments
Assist in preparing required disclosures
Assist management with the impact of the adoption of the new standard at the transition date
Assist with software selection and implementation
Assist with tax compliance
Conduct incremental borrowing rate (IBR) analyses
Evaluate impact to other areas of the business
Provide supplemental training and education to company staff
Tools to Help You Implement this Highly Impactful Standard