Does your organization have leases to account for under ASC 842, otherwise known as the new lease standard? Will the standard impact your debt covenants? What’s the best way to transition from ASC 840? Do you know what information to extract from your lease agreements to be compliant?

These are just a few of the key questions private companies and not-for-profits must answer to effectively and efficiently adopt the new standard for periods beginning after December 15, 2021. While the process is complex, the bright side is private companies can glean helpful information from public companies that have already gone through the implementation.

Our guide will help finance and accounting executives and their staff better understand the adoption and impact of ASC 842.

Contact Gino Scipione at gscipione@cohencpa.com or a member of your service team to discuss this topic further.

Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.