ASC 842 Lease Accounting
Get ahead of the FASB ASC 842 lease accounting deadlines
while driving savings today.
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Public companies underestimated the challenge
Even though your deadline for complying may have moved out, this is the perfect time to get ready. Your leasing portfolio is probably more complex than you realize so having this extra time can really pay off as you start to automate the process.
The US GAAP lease accounting standard, ASC 842, requires that all leases, both operating and finance, are moved on-balance sheet unless the lease term is less than 12 months. The on-balance sheet requirement of the new standard is creating a huge implementation challenge for many companies. The challenge is exacerbated for companies with large equipment leasing portfolios because equipment leasing programs are typically decentralized, making it difficult to track down the data needed to comply with the new standards.