Implementing the New Lease Accounting Standard
The article discusses the implementation of the new lease accounting standard ASC 842, which requires nonpublic companies with fiscal years starting after December 15, 2021, to record all leases longer than 12 months as liabilities and right-of-use assets on their balance sheets, and offers tips and tools to simplify this significant accounting change.
lease accounting
Implementing the New Lease Accounting Standard
Published on Feb 17, 2023, 9:18:33 AM
This article was originally published in Accounting Today.
The new standard requiring all leases longer than 12 months to be recorded on balance sheets is now in effect for nonpublic companies with a fiscal year beginning after Dec. 15, 2021.
To implement the new standard, organizations must identify all leases and book them as liabilities and right-of-use assets, which will have significant impacts on the balance sheets of many organizations.
While this may sound daunting, don't worry! There are tips and tools to simplify implementing the new standard.
Continue reading the full article t o learn more.
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