Are You Compliant with the New Lease Accounting Requirements?
Organizations across industries and geographies are faced with the challenging task of analyzing their leasing arrangements/portfolios to ensure they are ready to comply at the time of adoption. This applies to real estate, equipment and fleet leases, as well as services contracts which may contain embedded leases. Current accounting guidelines allow for a majority of leases to be accounted for “off balance sheet” and therefore companies have historically been less concerned with the rigor of the processes around leased assets. Under the new guidance there is a much higher degree of reporting and thus scrutiny of lease information. In order to determine what changes are necessary to apply the new standard, much of the upfront work will revolve around assessing the state of a company’s current lease contracts, abstracting additional lease data and planning for ongoing management of this financial information. Join us for practical insights into how organizations can best prepare for Day 1 of the standard and leverage enabling technologies to ensure that the process is effectively managed for Day 2 and beyond.
1. Review an overview of the ASC 842, Leases
2. Learn about the lease accounting journey
3. Comprehend next steps - transition to the new leases standard
4. Recap and questions