In the news: Why ASC 842 Implementation Won't Be as Hard as you Think
The article explains that despite initial concerns, implementing the ASC 842 lease accounting standard for nonpublic companies, effective December 15, 2021, is less complex than expected—especially for clients with 20 or fewer leases—and highlights how CPA firms can assist with the transition by leveraging automation tools like Crunchafi’s financial products.
lease accounting
In the news: Why ASC 842 Implementation Won't Be as Hard as you Think
Published on Jan 24, 2022, 8:54:54 AM
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.
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