ASC 842 Implementation Guide
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If you’re a private or public company, it’s time to comply with ASC 842, the lease accounting standard. ASC 842 applies to most equipment and real estate leases and is effective for years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022.
With this handbook, get the information you need to understand the standard and its effective dates, evaluate which of your leases are affected by the standard, and build a transition plan to get and stay compliant over the long-term.
Most public companies significantly underestimated the complexity associated with implementing the lease accounting standards. They started late. They did not assign enough resources. And they did not allocate enough budget. A recent KPMG survey found that the cost of lease accounting projects increased at 62% of companies over the prior 12 months.