It’s been just over six months since ASC 842 went into effect on December 15, 2018. And already 395 of the S&P 500 companies have transitioned to the new lease accounting standard. Collectively the group is reporting a total of $503 billion in operating lease liabilities and $69 billion in finance lease liabilities on their balance sheets. Below is an infographic with some interesting facts about the first 395 big companies to file a 10-Q.
It’s National Scavenger Hunt day! And many accounting organizations are in the midst of a scavenger hunt of their own. Not just today, but all year-long accounting teams will be searching through file shares, document repositories and enterprise applications for copies of their leasing contracts.
If you need advice on where to find your leases check out our lease accounting scavenger hunt infographic below.
Who should you include on your lease accounting project team? You will need to include back office functions such as Treasury, Procurement, Tax, Finance, Human Resources, and Accounts Payable. You will also need to involve the owners of leased assets such as Real Estate, Operations, Logistics, Fleet Management, and Information Technology. Read this infographic to learn the 12 groups you need to include in your lease accounting project team.