ASC 842 is already in effect for public companies, and non-public companies are now focused on compliance efforts. Collecting lease data and setting lease accounting policies upfront are key steps in the compliance process. This webinar describes the following topics that companies should address:
- Collecting complete and accurate lease data
- Utilizing practical expedients offered by ASC 842 to make adoption easier
- Combining or separating lease and non-lease components
- Collecting discount rates and fair market values to apply to lease accounting calculations
- Applying materiality thresholds
- Establishing and maintaining internal controls
Some public companies have already changed policies since initial adoption. We discuss what non-public companies can learn from them. Collecting the right lease data and making the right lease accounting policy decisions upfront sets the stage for smooth ASC 842 compliance.
