As the year end approaches, many businesses and exempt organizations are taking a look at the lease standard and requirements. Questions about the number of leases, lease type (including vehicle, equipment, and embedded leases) and which are considered “long term”, must be answered. Unfortunately, this is only the starting point because of the corresponding financial statement adjustments which must also be made.
For those overwhelmed by the lease standard, we presented a webinar, Implementing the Lease Standard, ASC 842. Jess Vento, Director of Client Success at LeaseCrunch, along with Neena Shukla, CPA, CFE, CGMA, FCPA, CTP, PBMares’ Audit & Assurance Partner, reviewed preparation for implementing ASC 842. This webinar includes important information about the standard such as getting started with implementation, identifying your lease portfolio, compliance challenges, and explaining how LeaseCrunch can make compliance an easy task.
View the Webinar Recording and Slides
Tackle Your Lease Accounting Challenges
With the adoption of ASC 842 comes significant impacts on the balance sheets of many companies and not-for-profits. Even if your organization only has a single lease, it’s often for real estate and therefore can have a large impact on the financial statements. Further, many organizations can, and do, lease far more than office space.
Finding and recategorizing all of these leases will be a challenge for many organizations as they implement the GAAP lease accounting standard, especially those with decentralized operations. Needless to say, ASC 842 lease accounting is a bit more complex than lease accounting was before the release of the new standard.
It’s important to learn about the essentials of the lease standard now — how to prepare, what financial reporting changes will need to be made, and the resulting impact on the financial statement. If you’re interested in learning more about transitioning leases from ASC 840 to ASC 842, join us on November 30.