Lease Accounting (ASC 842)
Windes helps organizations simplify lease accounting under ASC 842 with practical consulting, implementation support, lease classification analysis, right-of-use asset and lease liability calculations, and post-implementation compliance guidance.
ASC 842 requires companies to recognize most leases on the balance sheet and evaluate finance leases, operating leases, short-term leases, subleases, embedded leases, and related disclosure requirements. Windes helps your finance team interpret the guidance, organize lease data, prepare journal entries, and build a reliable compliance process.
Whether your organization needs an ASC 842 gap assessment, a new lease accounting example, operating lease journal entry support, or ongoing calculations, our team can help.
Assured Compliance
Under the new ASC 842 Lease Accounting guidance, all leases from the lessee’s perspective will receive balance sheet recognition, with the exception of short-term leases of less than twelve months. Leases are classified as either financing or operating leases, which require analysis of lease contracts to determine the appropriate classification, and results in a different accounting treatment.
Windes’ ASC 842 experts can provide peace of mind for your organization by addressing any disparity between where your company stands today on lease accounting and where it needs to be for compliance with these new rules.
Download our Countdown Checklist for FASB ASC 842.
ASC 842 Services and Expertise
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Lease Crunch Software Partnership
Lease Crunch is one of the top new accounting software products in 2022.
Windes partnership with Lease Crunch allows us to automate much of the required deliverables for improved accuracy and speed. The software is compliant with ASC 842, IFRS 16, GASB 87 and GASB 96.
Windes and Lease Crunch deliver the confidence that your calculations are accurate and that your data is secure.
Frequently Asked Questions
ASC 842 is the lease accounting standard that requires lessees to recognize most leases on the balance sheet through right-of-use assets and lease liabilities.
The ASC 842 effective date for most private companies was January 1, 2022 for calendar year entities.
Yes. Windes can assist with operating lease calculations, journal entries, lease classification, disclosures, and post-implementation compliance.
