What are the complexities of adopting ASC 842?

The implementation and adoption of ASC 842 for leases is a complex undertaking, requiring significant effort from your company’s finance and accounting team. Early adopters can provide a view into the implementation journey to help other companies understand how this implementation can improve efficiency and value. RSM assisted Syneos Health with its ASC 842 implementation, acting as an extension of the existing team, evaluating the appropriate technology solution, addressing policy administration and controls, and ensuring compliance with the standard.  

Key takeaways:

• Start planning and gathering data now to meet all deadlines
• Consider all of the technology software solutions
• Be sure to work hand in hand with your auditors to ensure all disclosures are compliant
• Don’t delay getting started; adoption of this standard is time consuming

About Syneos

Syneos Health, created through the merger of two industry-leading companies, is the only fully integrated biopharmaceutical solutions organization. A contract research organization and a contract commercial organization, its purpose is to accelerate customer performance to address modern market realities, bringing together approximately 24,000 clinical and commercial minds with the ability to support customers in more than 110 countries.

By providing clinical trial support and running clinical trials for pharmaceutical and biotech companies, Syneos Health provides contract sales-force consulting, advertising and public relations support.