December 22, 2020   //   Business Consulting   //   By Mueller Solutions

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By: LucaNet

How to solve the biggest challenges of ASC 842 with a lease accounting software

The new standard ASC 842 requires that companies recognize lease assets and lease liabilities on their balance sheets in order to improve the transparency surrounding the reporting of lease transactions.

Many of these leases were off balance sheet transactions. The standard change does not appear that difficult. However, when you start digging through all the details, you realize it will be more daunting than you anticipated. This standard change will impact multiple aspects of companies, not just the reporting of financial statements. Companies will need to implement new processes, internal controls, and technology to guide them through the process from implementation of the standard to on-going maintenance.

Read in our e-book how a software solution can help you to tackle these challenges.

Download

 

Contents of this e-book

  • The Challenges
    • Challenge 1: Identifying the data population
    • Challenge 2: Identifying lease data fields
    • Challenge 3: Complex calculations for a wide variety of leases
  • The Solution
  • Checklist: The benefits of an ASC 842 tool

For more information please contact: 

Danielle Roberts, MSAF

Consultant
LucaNet Certified Specialist
droberts@muellercpa.com
(847) 649-8848