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ARTICLE · 18 MARCH 2022

Lease Accounting: Road To Compliance Checklist

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With the implementation of ASU 2016-02 (Topic 842, Leases) rapidly approaching for private companies and not-for-profit organizations, companies should forge ahead on the road to compliance.

United StatesAccounting and Audit
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With the implementation of ASU 2016-02 (Topic 842, Leases) rapidly approaching for private companies and not-for-profit organizations, companies should forge ahead on the road to compliance. The new standard applies to both lessees and lessors and it brings significant changes to balance sheets. The extra time granted by the FASB reflects the mammoth task ahead, which will require more work, more resources and more time than most businesses realize.

Related Read: Topic 842 Basics for Lessees

Before you even get started on the process, you will want to ensure your accounting team has been educated on the new standard and understands its implications across the organization.

Related Read: New Leases Standard – What Do Lessors Need to Know?

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