Are you compliant with the new ASC 842 lease ruling? ASC 842 requires lessees to recognize both finance and operating capital leases on their balance sheet. Lessees must also distinguish between right-of-use assets and lease liability. Windes offers lease accounting gap assessments that will allow your finance team to be prepared for the changes your organization may need to make in order to become compliant with ASC 842 leases.
Janaury 1, 2019 was the compliance deadline for public companies, and Janaury 1, 2022 was the compliance deadline for private companies.
Talk to Windes today for expert advice.
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.
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.
Partner, Audit & Assurance Services
Senior Manager, Audit & Assurance Services