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Transitioning to the ASC 842 Lease Accounting Standard for Private Companies
Use this guide to better understand the requirements of the ASC 842 Lease Accounting Standard changes
The ASC 842 standard changes bring many complexities and to comply with the new standard's requirements, including those related to financial reporting disclosures, private companies many need to augment existing accounting software with new lease accounting software.
It is critical that private companies have a complete understanding of existing lease contracts, assess the requirements necessary to comply to the ASC 842, and decide whether a more sophisticated technology solution is required.
In this guide we will review:
- Financial Reporting Disclosures
- Definition of a Lease
- Lease and Non-Lease Components
- Adoption and Transitioning
- Effective Date
- Practical Expedients
- Use of Hindsight
- Embedded Leases
- Transition Method