ASC 842: Are You Ready for the New Lease Accounting Standards?
May 25, 2017 @ 1:00pm
After almost a decade of work, in 2016 the FASB finally completed its lease recognition project by issuing Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) which became codified into GAAP as Accounting Standards Codification (“ASC”) 842, Leases. The International Accounting Standards Board (“IASB”) estimates that possibly $3 trillion in off-balance sheet lease commitments may now have to be disclosed on corporate financial statements. Based on the nature of a company’s business, the implications for this change on an organization’s financial statements can be significant. Identifying and classifying lease agreements based on the new standards can be challenging, as key lease agreements may be buried in complex contracts and may be negotiated by any number of departments within an organization.
This webinar will assist organizations with understanding the new definition of a capital lease, outline timelines for compliance to the new standard, and provides guidance on an effective approach to addressing the requirements of ASC 842 within your organization. Rather than waiting until the last moment to consider how to approach this new standard, please join us at Clark Schaefer Consulting as we discuss realistic and timely strategies for getting yourself, your team, and others within your company organized to comply.