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Lease Accounting Resource Center
Insights to help you navigate the ASC 842 reporting requirements
On February 25, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), its long-awaited final standard on the accounting for leases. This brings a revolutionary change in lease accounting that will affect entities across all industries.
The new standard requires lessees to recognize most leases on their balance sheet. It will also significantly affect the accounting for certain leases and may result in key impacts on an entity’s finances and operations which may mean that companies will need to implement new application solutions to manage these requirements.
We invite you to explore the following information about the new lease standard and adoption and implementation considerations. Our consulting team is committed to bringing you comprehensive customized solutions, delivering compliance with the new standard while also enhancing financial controls and optimizing the lease-to-pay process. Subscribe to our lease accounting insights email and receive new information directly to your inbox.
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Additional lease accounting resources
Considerations for Day 2 compliance with ASC 842
Businesses can improve operations and reduce costs after adopting the ASC 842, despite the time and effort required to maintain compliance.
GASB issues guidance for subscription-based IT arrangements
The GASB recently issued guidance on the accounting for subscription-based information technology arrangements.
Top 5 considerations when implementing an ASC 842 technology solution
Implementing (ASC) 842 will likely require a lease accounting software package. These five topics are key areas for you to consider.
Implementing new standards with technical accounting consulting
RSM’s approach to implementing new standards differs because we take a practical, hands-on approach; our depth and experience sets us apart.
FASB expands ASC 606 deferral and approves limited deferral of ASC 842
On May 20, 2020, the FASB approved one-year effective date deferrals for certain entities for ASC 606 and ASC 842.
Successfully selecting a lease accounting technology solution
While ASC 842 will affect leasing activities, technology solutions can help ease the burden that the new standard brings.
Here's why organizations should continue to implement GASB 87
Do not delay your GASB 87 lease implementation efforts because of the postponement of the GASB 87 effective date.
Annual update: State and local government accounting
Get the latest information on GASB standards that could affect your organization, including a detailed focus on the new OPEB standards.
U.S. GAAP and IFRS comparisons: Leases and interim reporting
We recently updated our U.S. GAAP vs. International Financial Reporting Standards comparisons on leases and interim reporting.
Proposed deferral for certain entities: ASC 606 and ASC 842
Due to the coronavirus, the FASB recently proposed a one-year effective date delay for certain entities for ASC 606 and ASC 842.
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