Is Your Private Company Ready to Implement ASC 842, Leases?

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 will impact 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, will likely require significant time and resources.
 
We can help with your lease implementation needs with a full service or à la carte approach to:

  • 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

Below are a few tools to help get you started.

Watch our webinar replay on the changes coming in lease accounting


Implementation and Transition Resources

Technical Resources

Industry-Specific Resources

Learn More

Cohen & Company is well versed on the lease standard. Our technical groups have created tools to assist private companies understand and prepare for these changes. Contact Gino Scipione at gscipione@cohencpa.com, Aaron Sulzer at asulzer@cohencpa.com or a member of your service team to discuss this topic further.