Lease Accounting Administration Under ASC 842
Articles by: Richey May, Feb 26, 2020
If you have multiple leases, on January 1, 2021, things are about to get complicated.
The FASB guidance for accountant ASC 842 has drastically changed the way lease accounting is managed and reported. You may have heard the change affecting public companies was more disruptive than expected. The change in the leases you may be required to record on your balance sheet and the increase in the number of journal entries for each may be beyond the capabilities of your current accounting systems to comply and correctly format your reporting.
At Richey May, our Audit and Technology Teams collaborate to create a process backed by the best software systems for your business, so you’re prepared for ASC 842. Contact us today to get started with our consultation + implementation approach.
Chan Pollock – Executive Director, Systems & Technology Management Consulting
Chan is an expert in systems selection, technology management and robotic process automation. Chan and his team utilize their experience to select right-size solutions for firms to help them solve everyday business technology challenges. For our lease accounting clients, Chan focuses on creating a smooth input process, with a focus on automating the creation and delivery of the final reporting. Chan acts as lead consultant and works directly with the clients to ensure they understand every step of the process.
Charlie Murphy – Senior Audit Manager
Charlie is our in-house Lease Accounting expert on the Audit Team. For our lease accounting clients, Charlie works closely with Chan to ensure the final result of the reporting complies with ASC 842 and any other applicable accounting standards.