ASC 842 Transition Checklist
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.
Detailed checklist for transitioning to ASC 842
Step 01: Educate departments and stakeholders
Step 02: Create an inventory of leases
Step 03: Establish functional requirements for software solution
Step 04: Identify potential solutions
Step 05: Select vendor
Step 06: Execute contract
Step 07: Develop your implementation plan
Step 08: Update and finalize lease accounting policies and processes
Step 09: Input lease data
(OPTIONAL): Ensure ASC 840 compliance
Step 10: Record ASC 842 transition entries
Step 11: Prepare and review subsequent outputs
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.