Post-Transition Lease Audit Playbook
What companies need to know to prepare
In 2020, LeaseQuery conducted a survey to analyze the complexities accountants faced before, during, and after their first audit post-lease accounting transition. The results of the survey are included in this playbook, which provides insight into:
- Potential obstacles encountered during the post-transition audit
- Which tools are preferred for lease accounting transition and audit
- How to work with auditors throughout the process
- Financial insights and efficiencies unlocked during the audit
Although the lease accounting transition deadline extension was likely welcomed in the wake of a global pandemic, deadlines are still on the horizon. Takeaways from this survey are two-fold, with lessons learned from public companies, as well as constructive advice for private and non-profit organizations preparing their transition to ASC 842 and IFRS 16.