Now that the lease accounting deadline delays have passed, most organizations will be closing their books under the new standards for the first time in 2022. Doing this with a virtual workforce makes the change even more challenging. There are many new requirements to keep in mind, from lease definitions and journal entries to disclosures. Experts from EZLease, LeaseAccelerator and Whitley Penn talk through the lessons learned and top things to consider that will make the first lease accounting close easier.
Learning Objectives:
- Closing with a virtual workforce
- Key differences between the new and old standards
- Impact of standard on month-end or quarterly close process
- Lease classification and capitalization
- What transition accounting may be required
- Month-end considerations when using display approach
- Financial impact of new accounting
