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Welcome to our ASC 842 Countdown!



Join us every month until January 2022 for tips and guidance on how to prepare

your lease accounting team for ASC 842.

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⏳ July Focus

How to Find All of Your Leases

Most companies are not starting their ASC 842 implementation journey with a centralized location of all relevant leasing information. Therefore, accounting teams must hunt to collect all the data from various teams, records, and systems across the business, and manually assess whether a contract meets the definition of a lease.



 🗓️ Lease Accounting Education

June Focus

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Getting started with ASC 842

  • This ASC 842 checklist helps your finance and accounting teams prepare for the new lease accounting standards
  • Understand the updated definition of a lease

July Focus:

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How to find all of your leases

  • Review a list of the past twelve months of disbursements to identify patterns
  • Compare work done company maintenance records to your list of leased equipment assets

Coming in August:

July_ Policy and Procedures
Coming Soon

How to develop lease accounting policies

  • Understand practical expedients available upon transition
  • Determine leased asset classes, if applicable
  • Elect ASC 842 practical expedients

Coming in September:

August_ Organize Lease Abstracts
Coming Soon

How to organize and abstract leases

  • Determine who plays a critical role in the lease life cycle
  • Determine where critical lease information will be stored
  • Determine who will perform lease abstraction

 



Coming in October:

September_ Disclosure Report
Coming Soon

How to prepare for additional ASC 842 disclosure requirements

  • Understand requirements for qualitative disclosures
  • Disclose information about the nature of the leases (& subleases)
  • Disclose information about significant assumptions made in accounting for leases

Coming in November:

October_ Sustainable Process
Coming Soon

How to build a sustainable ASC 842 lease accounting process

  • Interview key employees involved in the lease accounting process
  • Understand how data utilized in the lease accounting process is complete and accurate including critical lease information

Coming in December:

November_ Journal Entries
Coming Soon

How to prepare for the ASC 842 transition journal entries

  • Determine the lease term, if hindsight practical expedient is selected
  • Calculate the present value of the lease liability
  • Determine the discount rate as of ASC 842 Effective Date

Coming in January:

December_ Leverage Technology
Coming Soon

How to leverage technology to assist in you transition

  • Consider if software is right for you business needs.
  • Analyze the automation and reporting functionality of software solutions.
  • Create a centralized location for your businesses leased assets


🤔 Have lease accounting questions about ASC 842 or IFRS 16?

Lauren Covell Circle

Book Office Hours with Lauren Covell, CPA

Lauren started her career in the PwC audit practice before joining another consulting firm and assisting companies to navigate complex technical accounting matters and streamline monthly close processes. She is our in-house expert on all things lease accounting and ASC 842 compliance.

Office Hours



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