Brasfield & Gorrie, one of the country’s largest privately held construction firms, needed a lease accounting solution for the transition to the new lease accounting standard, ASC 842. The initial plan was to get all leases into the system in 2019, but the adoption process was delayed by the pandemic multiple times.
Despite the delay, Brasfield & Gorrie had already begun the process of selecting software and adding leases to the system. Between 2019 and 2021, Brasfield & Gorrie used the system for straight-line rent adjustments on the accounting side. . At the end of 2021, Brasfield & Gorrie officially transitioned to ACS 842, using LeaseQuery’s ASC 842 reporting functions for a smoother transition.