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Lease Accounting Resource Center
Insights to help you navigate the ASC 842 reporting requirements
On February 25, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), its long-awaited final standard on the accounting for leases. This brings a revolutionary change in lease accounting that will affect entities across all industries.
The new standard requires lessees to recognize most leases on their balance sheet. It will also significantly affect the accounting for certain leases and may result in key impacts on an entity’s finances and operations which may mean that companies will need to implement new application solutions to manage these requirements.
We invite you to explore the following information about the new lease standard and adoption and implementation considerations. Our consulting team is committed to bringing you comprehensive customized solutions, delivering compliance with the new standard while also enhancing financial controls and optimizing the lease-to-pay process. Subscribe to our lease accounting insights email and receive new information directly to your inbox.
Additional lease accounting resources
Constituents recently provided feedback to the FASB regarding issues encountered in the implementation of ASC 842.
We have updated our white paper, which provides an overview of lessor accounting under ASC 842 for financial institutions.
Customers can now purchase LeaseQuery directly from RSM, gaining the benefit of a single-vendor community across solutions.
Businesses can improve operations and reduce costs after adopting the ASC 842, despite the time and effort required to maintain compliance.
The GASB recently issued guidance on the accounting for subscription-based information technology arrangements.
Implementing (ASC) 842 will likely require a lease accounting software package. These five topics are key areas for you to consider.
RSM’s approach to implementing new standards differs because we take a practical, hands-on approach; our depth and experience sets us apart.
On May 20, 2020, the FASB approved one-year effective date deferrals for certain entities for ASC 606 and ASC 842.
While ASC 842 will affect leasing activities, technology solutions can help ease the burden that the new standard brings.
Do not delay your GASB 87 lease implementation efforts because of the postponement of the GASB 87 effective date.
See more Lease Accounting Insights »