The Financial Accounting Standards Board (FASB) has replaced the 40-year-old GAAP leasing standard (ASC 840) with the new standard (ASC 842). The new standard requires fundamental changes in accounting for leases, including extensive use of disclosures and increased use of judgment. These changes will likely require significant alterations to your current system or the implementation of new systems.
If you are responsible for helping your company comply with the new lease accounting standard, you may be dealing with the following challenges:
Aprio has partnered with LeaseQuery, a leader in the lease accounting industry, to provide a comprehensive solution to the adoption of ASC 842. Our bundled solutions are perfect for both domestic and international operations that manage five or more real estate, vehicle or equipment leases. Let the Aprio Lease Accounting Team save you time, money and resources.
If you are looking for a way to streamline your compliance with the ASC 842 accounting standard, Aprio’s experienced lease accounting experts are here to help. For more information about Aprio’s Lease Accounting Solutions, contact Jeff Duncan.