ASC 842 Compliance: How to Avoid Fines & Save Time

Discussion in 'Accounting and Taxes' started by Parbeyjr, Jan 31, 2018.

  1. Parbeyjr

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    Jan 31, 2018
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    ASC 842 will affect your business. To avoid fines, penalties, and lost investments, it’s vital for every business to organize and keep track of their operating leases.

    Because the real deadline for compliance with the new lease accounting standard ASC 842 is only a few months away for many, all companies should prepare immediately.

    To meet the ASC 842 compliance deadline, companies should start to prepare now by:
    • forming a new lease accounting project team that includes authority members among departments involved in the leasing process (e.g.: Finance/Treasury, Lease Administration, IT, Accounting, and the Business Units)
    • becoming familiar with the requirements of ASC 842 and the new lease accounting standards via this white paper
    • adopting a simple to use process that easily organizes operating leasing data in one, central place
    #1 Parbeyjr, Jan 31, 2018
    Last edited by a moderator: Jan 31, 2018

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