On your Path to ASC-842,
Watch for These Obstacles
Watch out for these trail hazards to improve your journey to compliance:
Will you go it alone, or bring a team on your journey?
The first step toward reaching compliance is understanding and categorizing leases. It can be daunting… but it doesn’t have to be.
There’s safety in numbers, and efficiency, too.
Take stock of your team today.
Did you check the unbeaten path?
Embedded leases are one of the trickiest parts of lease accounting compliance.
They’re lurking in other departments or non-standard contracts. When visibility is low, opportunities for potential savings are missed.
Is the trail ahead even
terrain or rocky?
91% of accountants believe they are on track to meet the ASC-842 transition deadline – but is the summit truly in sight, or farther away than it seems?
Public companies who have traveled this path below report that the transition was harder and took longer than they expected.
Don’t ignore advice from the experienced trailblazers – heed their warnings and learn from their experiences.
Ready to start your journey?
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 a free checklist to assist you in your transition journey.
About the Data
LeaseQuery polled nearly 600 accountants in the summer of 2021 to gauge readiness and progress on the path to ASC-842 adoption.
LeaseQuery is an accounting technology company built by accountants for accountants. More than 10,000 finance professionals globally rely on LeaseQuery’s cloud-based platform for accounting compliance, financial decision-making, data centralization, lease management and lease accounting. Learn more about LeaseQuery’s core lease accounting product focused on easing the mandatory transition to ASC 842, GASB 87 and IFRS 16, or explore additional accounting tools.