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Prepare for the New Lease Accounting Standard Now

The clock is ticking…ASC 842 takes effect December 15, 2021.

Hopefully, you are well aware that the implementation of the new lease standard is fast approaching. This brings a revolutionary change in lease accounting that will affect entities across all industries.

However, if you have forgotten or are waiting until the third quarter—or later!—you may want to start preparing sooner rather than later.

If there’s one thing we learned from public companies implementing the new lease standard, it’s that waiting until the last minute adds more stress and risks audit problems down the road.  The new standard requires lessees to recognize most leases on their balance sheet. It will also significantly affect the accounting for certain leases and may result in key impacts on an entity’s finances and operations which may mean that companies will need to implement new application solutions to manage these requirements.

If you are overwhelmed at the prospect of preparing for the new lease accounting standard, PBMares has you covered. We have a solution to help you implement the lease standard efficiently and easily.

WEBINAR RECORDING: Implementing the New Lease Standard, ASC 842

View our webinar below and you can also download the presentation slides here.

Implementing the new lease standard is not just a one-time exercise; it requires changes to accounting processes and financial reporting controls. Effective implementations require a thorough evaluation of resources.

In this recording from our webinar on December 15, 2021, you’ll receive an overview of the new lease accounting standard and a demo of our software solution designed to ease the burden of implementation for your organization. We will also address some of the common pitfalls, business implications, possible financial benefits, and more.

Click to download this Roadmap for ASC 842

Ready to start the planning process? Contact us today.

Quick Reference Guide

Download Guide

Start preparing now. This quick reference guide will help simplify the new lease standard.

MEET YOUR TEAM LEADER



Daniel Haynes, CPA, CFE, CFF

Partner, Audit & Assurance Service Line Leader

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