What Private Companies Should Know About the New Lease Accounting Standards
The time is now for private companies to prepare for the new lease accounting standards, ASC 842 and IFRS 16, which take effect starting with fiscal years after December 15, 2020.
For most private companies, implementing the new lease accounting standards likely will be the biggest projects controllers and financial accounting teams will tackle in 2020. With most real estate and equipment leases moving onto the balance sheet, corporate leasing programs will undergo much more scrutiny from auditors and board members than ever before. Companies will need to revisit their leasing programs, potentially making significant changes to systems, processes, policies, and controls.
During this Webcast, a panel of lease accounting experts from RSM and LeaseAccelerator will share best practices and lessons learned from public companies that have already adopted the lease accounting standards.
Register to see replay.
- How to budget, plan, and staff your company’s lease accounting implementation of new standards to achieve day-one compliance by the deadline
- Types of policy elections, practical expedients, and transition accounting strategies most companies are considering
- How to take an inventory of your leases, and where to find the information your company requires to account for leases and
- New lease accounting systems companies will need to deploy, and how these systems will interact with your general ledger, accounts payable, and fixed asset applications.
Senior Manager, Technical Accounting Consulting,
RSM US LLP
Lease Accounting Consultant,
Senior Director, Technology & Management Consulting,
RSM US LLP