ASC 842: LEASE ACCOUNTING
Deadline: January 1, 2022
Accounting for operating leases (ASC 842) deadline is coming for private companies and non-profits. And while you might even be tempted to avoid lease accounting all together and have your CPA include a modification to their report on your financials, that’s not a good idea.
Customized Solutions to Meet Your Needs
We love helping businesses and non-profits get ready for and meet the ASC 842 standards. Explore the solution that is the best fit for where you’re at now.
Whether you need a little help or a lot, we’ve got you covered!
You’re confident in your implementation plan, but just need a little help pushing through.
Your Lease Coach gets you…
- Experts on call in case you have any questions or need help making tricky decisions
- Technical or practical help on whatever tools you’re using to deal with your leases
- “Busy” work for you as you needed to help meet crucial deadlines
- Extra training, plus CPE opportunities!
You need some more structure and help managing a complex implementation.
Your Lease Concierge gets you…
- Everything you get from a Lease Coach, and more!
- A detailed consultation and implementation plan to get you started
- Formal training on the standards and optional software training
- Guidance on lease data extraction and analysis
- Data entry and review
- Ongoing technical and accounting support for your project
- Optional advanced approvals policy document creation
- Optional disclosures and reporting creation
- Optional automation tools to streamline your process
You need on-demand advice and strategies to help achieve your goals and plan for your future.
Your Lease Suite gets you…
- Everything you get with a Lease Coach + Concierge (see above)
- We help you pick the best software environment for you, and then set it up
- Complete your implementation with us
- Customization of the tools that will integrate with your systems for efficient automation
- Support for your project’s ‘go-live’ with formal training
- All-in-one solution to accomplish your implementation goals
What You'll Get
Not only will you be compliant but have better insight into your lease expenses and improve overall systems & processes.
Our Process To Working With You
In case you missed it: access the ‘Lease Accounting for Private Companies & Non-Profits: Guide to Implementation’ on-demand webinar recording. LSL Partners, Mike Mangold, CPA and Gail Gray, CPA help you ‘slay the dragon’ of the new lease standard, ASC: 842, requiring private companies and non-profits to track and disclose their leased assets. They’ll provide you an overview of the lease reporting requirements and how to start preparing to meet the deadline, including:
- Defining qualified leases and determining lease term
- Understanding your lease portfolio, digging through your data and finding pesky leases
- Choosing how you want to handle the complex calculations that are required to be reported and monitored
- Demonstrating how software technology can reduce time and risk to effectively comply