Your ASC 842 Adoption Survival Kit
YOUR MISSION
ASC 842 Adoption
and Compliance
YOUR TIMELINE
Private companies and not-for-profit entities
reporting under ASC 842 must comply for annual
reporting periods beginning after December 15, 2021.
Whether you have several or several hundred leases, the truth is that this transition may take longer than you think. Preparedness is key to survival. So we’ve put together an ASC 842 survival guide for you packed with tips to ease your adoption and help you uncover financial insights along the way.
Pack up your survival kit and get going, we’ll lead the way!
FASB TRANSITION GUIDE
How will you get to your destination? This step-by-step guide will help establish where you are now and lead the way to your future destination.
LEASE IDENTIFIER
Pinpoint all your leases. This tool will help you determine whether or not you have a lease or embedded lease that needs to be accounted for under the new standards.
OPERATING LEASE ACCOUNTING
Inaccurate lease accounting will quickly extinguish your compliance flame. This article details how operating leases are accounted for on the balance sheet.
PRACTICAL EXPEDIENT ACCOUNTING EXPLAINED
Relief efforts are underway. This article describes how practical expedients can provide extra aid on a bumpy and windy road to compliance.
ASC 842 DISCLOSURE REQUIREMENTS
Preparation is key. This article defines the disclosures required for ASC 842 and how technology can efficiently generate those requirements and keep your lease accounting operating smoothly.
THE HIDDEN BENEFITS OF LEASE ACCOUNTING SOFTWARE
Your software journey shouldn’t end at compliance. This article explains the benefits of setting up permanent technology as a post-transition final destination.
Get our free checklist for transitioning to ASC 842
Private companies are either in the process of implementing the new lease accounting standard, ASC 842, or they are preparing for the transition. With the shift to the new standard comes many considerations, and so we have assembled this checklist to assist you in your transition journey.
At LeaseQuery, we’re here to make sure you are never alone on your compliance journey – giving you the technology, accounting knowledge, and support you need to survive the wild road to compliance and financial insights.