The deadline to get in compliance with the FASB ASC 842 guideline is Jan 1, 2021.
March 2020
While that may seem a long way off, the processes you may need to comply can get complex if your company holds a large number of leases.
Identifying leases and collecting appropriate data will likely require a great deal of time, system modifications or the selection and implementation of specialty software. Further, the volume of journal entries and calculations required has increased dramatically, and specialized calculations, such as incremental borrowing rate and net present value, need to be tested and verified.
You’ll want a partner with the expertise to automate your process and verify your compliance. Our Audit and Technology Teams work together to customize a solution for you. If you’re not actively working on a process to comply, contact us today so we can get you set up before the rush at the end of the year.
