In the news: Why ASC 842 Implementation Won't Be as Hard as you Think
The article explains that despite the December 15, 2021 effective date for ASC 842 lease accounting for nonpublic companies requiring process and reporting changes, clients with 20 or fewer leases face significantly less complexity, making implementation easier than expected and offering four reasons and guidance for CPA firms to assist clients effectively.
Dec. 15, 2021, is the effective date for the new ASC 842 lease accounting standard for nonpublic companies. That means you will be called upon to help clients with implementation – if you haven’t been already.
It’s true: implementing the new lease standard requires changes to processes and reporting controls, but after many conversations with CPA firms it seems that clients with 20 or fewer leases have drastically reduced complexity.
Here are four reasons why implementing the new lease standard may not be as hard as you or your clients feared it would be and how you can help.
Read the full article on the CPA Now Blog.