In January 2019, the new lease accounting standards ASC 842 took effect for public companies. To comply with these regulations, public companies were required to re-evaluate their real estate and asset liabilities, which meant a total of $2.8 trillion in assets had to be reviewed prior to the deadline. Now it’s time for private companies to comply.
Although the FASB has pushed out the adoption deadline to December 15th, 2021, it’s not an excuse to procrastinate. Contrary to popular belief, the new lease accounting standards are not a black-and-white rule book with step-by-step instructions on how to achieve compliance for your organization. There’s a lot of gray area, and many items are subject to interpretation. That’s why accounting departments need to focus on more than just which numbers to include in the financial statements. It’s time to also think about business processes and operations to ensure a smooth transition to the new standards.
In this on-demand webinar, you’ll learn:
- What are the new lease accounting standards – ASC 842, IFRS 16, and GASB 87
- Key differences between GASB and FASB lease accounting standards
- Transition lessons from public companies
- How to overcome lease data challenges with technology
- Steps to a successful transition