Lease Accounting Standards
Are you prepared for ASC 842?
Significant changes to lease accounting standards are set to take place with the new lease standard issued by the Financial Accounting Standards Board (FASB): ASC 842.
Replacing ASC 840, the new standard aims to enhance lease reporting in order to more accurately depict the impact a company’s leasing activity has on its financial reporting. Though the new standard has been delayed multiple times, they are now officially in effect, as stated below.
- Public Business Entities: December 31, 2018
- Private Business Entities: For fiscal years beginning after December 15, 2021. Earlier application is permitted.
These major changes will require proper planning and preparation to ensure they are adopted and implemented successfully. Through our partnership with LeaseCrunch, Thompson Greenspon can assist you with the adoption of ASC 842 and ensuring a smooth transition.
We’re excited to announce our partnership with LeaseCrunch, the easiest lease accounting solution on the market. As we vetted software to help you, our clients, implement the new lease standard, we reviewed several options and believe LeaseCrunch is the right choice.
LeaseCrunch helps you streamline adopting ASC 842 and offers a simple solution to accessing monthly journal entries, amortization schedules and footnote disclosures. You’ll also have access to the system where you can add, edit and revise your leases as necessary. We hope you like this solution as much as we do!