Lease accounting: 5 steps companies must take now
ASC 842 considerations—deadline approaches
The new lease accounting standard (ASC 842) affects companies in unique ways. For example, some companies may need to upgrade or implement a new technology solution to maintain, process and report data under the new standard.
Implementation could take many months depending on the complexity of your lease portfolio so now is the time to act. For companies with Dec. 31 close dates, the deadline is Jan. 1, 2019, for public companies and Jan. 1, 2020, for private companies. Are you underestimating the impact?
The following infographic breaks down questions companies should consider before the new standard is adopted.
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While ASC 842 will affect leasing activities, technology solutions can help ease the burden that the new standard brings.
Given the complexities of ASC 842, consider these critical factors for successful implementation of the standard.