Adopting ASC 842 is a complex undertaking. Companies face various challenges throughout the implementation process. The time and effort required for adoption is also often underestimated. Therefore, the Financial Accounting Standards Board (FASB) has proposed a deferred deadline to allow companies more time to assess their current lease portfolio, accurately select a software solution, adopt appropriate process and procedures and develop a plan to move forward. Through a successful adoption, businesses not only achieve compliance but also gains greater efficiency which can mean potential cost savings opportunities as well.