10.25.22 FASB’s Topic 842: What the New Lease Accounting Standard Means for Your Organization

ASC 842 applies certain organization’s with a lease or sublease and is intended to increase transparency and comparability among lessees by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.
Implementing ASC 842 is not an easy task, however, as it has an impact an organization’s balance sheet, income statement, and policy elections. But the clock is ticking. All financial statements prepared on a GAAP basis must adopt the standard for years beginning after December 15, 2021.
Councilor, Buchanan & Mitchell has the expertise to assist. On Tuesday, October 25, from 11 am to 12 noon Audit Manager Sally Hudson and Supervisor Kathleen Booker are leading a complimentary webinar on ASC 842 including an overview of the new standard, required presentations and disclosures and some implementation tips.