What’s the best way for companies to smoothly switch to new lease accounting rules? The answer is the modified retrospective approach under ASC 842. This method, with certain practical shortcuts, makes the switch easier and keeps things consistent for all leases.
The ASC 842 transition offers many shortcuts to make following the rules easier. By using the modified approach, companies can skip checking old leases, how they’re classified, and initial costs. This saves time and makes following the ASC 842 standard less complicated. Private companies must follow these rules starting January 1, 2022. Public companies had to since late 2018.
This method has two main ways to transition: the effective date method and the comparative method. The effective date method is simpler and cheaper. The comparative method requires restating past financial periods but gives a more accurate history.
Want to know how these shortcuts can help your company with lease accounting? Let’s explore more!
Table of Contents
ToggleKey Takeaways
- The effective date for calendar year private companies to implement ASC 842 is January 1, 2022.
- The modified retrospective approach allows for smooth transition without reassessing pre-existing leases.
- Companies can choose between the effective date method and the comparative method for adoption.
- There are three main practical expedients: package of three, hindsight, and land easements.
- Early adoption of the ASC 842 standards can lead to better preparation and fewer compliance issues.
Understanding the Modified Retrospective Approach
The move to ASC 842 changes how we account for leases. The modified retrospective approach ASC 842 is a key way to adopt this standard. It lets companies adjust their financials for the new rules but doesn’t change old reports. This method is both easy and detailed.
What is the Modified Retrospective Approach?
The modified approach adjusts the opening balance of retained earnings at the start of adoption. It doesn’t change past financial statements. This makes adopting ASC 842 simpler. It also lets companies recognize assets and liabilities right away, showing the full effect of the change.
Benefits of the Modified Retrospective Approach
One big plus of the modified approach is it makes adopting ASC 842 easier. Companies don’t have to go back and check old leases or costs. This makes the transition smoother and gives a clear picture of finances after adoption. It also helps avoid problems with financial reports and makes following the rules simpler.
Key Considerations for Transition
When picking the modified approach, companies need to think about a few things. These include:
- Practical expedients: How these shortcuts affect lease accounting
- Cumulative effect: How to adjust the opening balance without changing past reports
- Lease classifications: Making sure lease types are correct and handling any old errors
Any mistakes in old rules can still cause problems under the new rules. So, companies must be very careful during the transition.
Choosing this approach means weighing easier transition against the need for accurate lease tracking. It’s important to ensure the approach brings clarity and accurate financials, meeting compliance and transparency needs.
Factors | Considerations |
---|---|
Practical Expedients | Impact on lease accounting and reporting |
Cumulative Effect Adjustment | Adjustment to opening balance without restating prior periods |
Lease Classifications | Verification of lease classification accuracy |
Overview of ASC 842 and Its Implications
The ASC 842 lease standard brings big changes to lease accounting. It aims to make financial statements clearer and more comparable. A key part of asc 842 lease accounting changes is that lessees must now show right-of-use assets and lease liabilities on their balance sheets. This change is meant to replace the old way of handling operating leases.
Public companies had to start using ASC 842 before private ones. This allowed for a comparison of their financials. The difference in when they had to start shows how the asc 842 lease standard affects public and private companies in different ways.
Companies can choose how to start using ASC 842. They can use the comparative method or the effective date method. This lets them pick the best way for their needs. The new rules also mean more details in financial statements. This helps users understand the effects of leases on cash flow and uncertainty.
ASC 842 also offers practical shortcuts for private companies. These include not counting short-term leases and combining lease and non-lease parts. This makes it easier for them to deal with their leases. Leases are often the second biggest expense for companies.
Another important part of ASC 842 is the use of software for managing leases. Tools like these help with collecting data, classifying leases, and reporting. They are very helpful for companies with many or complex leases.
Also, companies need to think about loan agreements with ASC 842. They must talk to their bankers because of how it changes balance sheets and covenant calculations.
As companies get ready for ASC 842, they need to check their internal controls. They must make sure they can accurately report all leases under the new rules. This is important for accurate financial reports and being ready for ASC 842.
Transition Options for Adopting ASC 842
Switching to the ASC 842 standard gives companies several choices. Each option has its own benefits and effects on financial reports. It’s key to pick the right one for your company for a smooth transition.
Effective Method
The Effective Method starts using the new ASC 842 standard right away. It doesn’t change past periods. This makes the transition easier by not needing to adjust old data. But, it means past periods will still show ASC 840 rules, not ASC 842.
Companies using this method will show a big change on the adoption date. They won’t change past financials.
- Adoption Date: Keep using ASC 840 until you switch to ASC 842.
- Comparative Periods: You don’t have to change past financials, making things easier.
- Cumulative-Effect Adjustment: Show the big change as an adjustment, not by changing old periods.
Comparative Method
The Comparative Method shows the full change by using ASC 842 for all past periods. It gives a detailed look but needs a lot of work to get right. Companies must make sure all lease data matches the new rules.
- Restatement of Comparative Financials: Change all past financials to follow ASC 842.
- Comprehensive Data Reassessment: Check and update all leases to fit the new rules.
- Enhanced Financial Transparency: Give a clear view of how finances have changed over time.
Here’s a quick look at the main differences between these options:
Aspect | Effective Method | Comparative Method |
---|---|---|
Comparative Periods | Not Required | Required |
Cumulative-Effect Adjustment | On Adoption Date | Restate Periods |
Complexity | Lower | Higher |
Financial Transparency | Limited | Enhanced |
Choosing the right way to adopt ASC 842 depends on your company’s readiness and data. Think about what you want to show in your financial reports. This helps make sure the transition fits your goals and needs.
Modified Retrospective Approach ASC 842
ASC 842 lets companies adopt new rules without big changes to their accounting. This makes the switch easier. It includes practical tools to help with the change. We’ll look at how to use these tools, keep lease types the same, and skip some costs.
Application of Practical Expedients
ASC 842’s practical tools make the switch easier. Companies can skip checking old contracts to see if they’re leases. They can also keep the same lease types for old and new leases. Using these asc 842 practical expedients saves time and makes the change smoother.
Retaining Lease Classifications
Keeping lease types the same is a big plus. Leases already marked as operating or finance can stay that way. This makes it easier to handle long-term leases. It also makes financial reports simpler.
Exclusion of Initial Direct Costs
Companies can ignore costs from before the new rules started. This asc 842 practical expedient makes the transition easier. It keeps financial reports consistent. But, it means more costs to spread out later.
In short, the modified retrospective approach makes following ASC 842 rules easier. It lets companies keep lease types the same and ignore some costs. This makes the switch smoother and less stressful.
Aspect | Impact on Implementation |
---|---|
Practical Expedients | Simplifies contract and lease classification reassessments. |
Lease Classifications | Allows retention of existing classifications, reducing reclassification complexities. |
Initial Direct Costs | Excludes costs before the effective date, minimizing administrative burdens. |
Practical Expedients in ASC 842
ASC 842 has many practical tools to help nonpublic companies. The rules start on December 15, 2021. There are six main tools and choices to make the change easier.
One big part of ASC 842 is three expedients that must be chosen together. These are:
- No reassessment of existing or expired contracts for lease classification or embedded leases
- No reassessment of initial direct costs under existing leases
The hindsight expedient lets companies use hindsight for lease term assessment. The land easements expedient helps avoid reassessing land easements or right-of-ways.
The short-term lease exemption expedient helps with leases under 12 months. These can be left off the balance sheet. Companies can also combine lease and nonlease components into one.
The risk-free rate expedient is popular with nonpublic companies. It makes the switch to ASC 842 easier. This shows the flexibility and practicality of ASC 842.
Choosing practical expedients makes following the rules easier. With ASC 842 guidance, these tools help companies make the transition smoothly. They ensure companies meet the new lease accounting rules well.
Key Changes in Lease Accounting under ASC 842
ASC 842 has changed how leases are shown on company financial reports. This change affects both those who own leases and those who use them. It requires new rules for showing lease debts and assets.
Right-of-Use Assets and Lease Liabilities
ASC 842 requires lessees to show right-of-use assets and lease debts for leases over 12 months. This will add nearly $3 trillion to company balance sheets. To figure out these debts, companies use their own borrowing rate. Assets are found by adding the initial debt and direct costs, then subtracting any incentives.
ASC 842 also changes how cash flow is reported. For operating leases, the expense is listed as an operating activity. For finance leases, it’s split into interest and asset amortization. This affects income statements, making lease costs higher at the start.
Changes in Lease Classification
Lease classification rules have also changed under ASC 842. No longer based on simple tests, classification now requires more judgment. This helps decide if a lease is finance or operating. Finance leases have interest and amortization, while operating leases have a single expense.
ASC 842 also offers practical shortcuts for classifying leases. These shortcuts let many companies keep their current classifications until a change is needed. This makes the transition easier, but companies must still check their leases carefully to follow the rules.
Here is a summary of key changes:
Aspect | ASC 842 | Previous Standard |
---|---|---|
Lease Liabilities | $3 trillion added to balance sheets | Off-balance sheet |
Right-of-Use Assets | Recognized for leases > 12 months | Not required |
Lease Classification | Based on judgment, fifth test added | Bright-line tests |
Cash Flow Reporting | Both operating and financing activities | Primarily operating activities |
Expense Recognition | Operating vs. finance lease specific | Not differentiated |
Businesses must adjust to comply with ASC 842 lease accounting. This affects their financial reports and how they operate.
Effective Date and Timeline for Implementation
The new lease accounting standard, ASC 842, changes how companies report leases. Knowing the asc 842 effective date is key for timely compliance and better financial reports.
For public entities, ASC 842 became mandatory for fiscal years starting after December 15, 2018.
Public Companies
Public companies were the first to adopt ASC 842. They started with fiscal years after December 15, 2018. This meant a detailed review of all existing leases.
The asc 842 effective date was tight. Many public companies adopted early to make their accounting smoother and meet the new standards.
Important steps included:
- Reviewing all lease contracts for ASC 842 compliance.
- Using practical expedients to speed up the transition.
- Checking lease data for fullness and accuracy.
Private Companies
Private companies had a later deadline. The asc 842 effective date was for fiscal years starting on or after December 15, 2021. This meant January 1, 2022, for calendar year-end private entities. Despite the delay, they faced similar challenges.
Key steps for effective implementation are:
- Checking the lease population for completeness.
- Finding and handling embedded leases in contracts.
- Preparing enough resources for the transition.
Both public and private companies must stick to the asc 842 effective date for a smooth transition. By learning from early adopters and preparing well, companies can avoid problems and successfully implement ASC 842.
Step-by-Step Guide to ASC 842 Compliance
To follow ASC 842, you need a detailed plan. This plan must cover all the rules. It involves working together, using good data, and training everyone. Here’s how we do it step by step.
Organizing a Project Team
Starting with a good team is key. Your team should include finance, IT, legal, and operations people. This way, everyone works together well. This helps avoid problems with lease data and transition rules.
Developing a Plan for Data Strategy
Having a strong data plan is essential. First, review all lease agreements carefully. Look at how leases are classified and the discount rates used. This is important for following ASC 842 rules.
These rules require showing lease assets and debts on the balance sheet. So, you need a good plan for managing your data. This ensures your data is correct and follows the transition rules.
Training and Education of Personnel
Training is a big part of our plan. It helps everyone understand new lease rules and how to handle them. This training is key to avoiding mistakes with the transition rules.
It also helps with IT issues, which are a big part of the challenge. Good training means your team can handle these problems well.
Risk Category | Percentage |
---|---|
Completeness of Lease Population | 41% |
Data for Transition Provisions | 22% |
Transition Provisions Application | 16% |
Management’s Disclosures | 9% |
Use of IT in Implementation | 12% |
FAQs Related to ICFR Considerations | 18% |
FAQs on Quarterly Review Procedures | 11% |
FAQs on Engagement Management | 15% |
Disclosure Requirements Under ASC 842
Companies must show how long they have to pay for leases. They also need to share the discount rates they use. This helps see what the future holds for the company’s money.
Here’s what companies must share:
- The nature of lease agreements and significant lease terms.
- The judgments made in determining the degree and capitalization of leases.
- The amounts recognized in the financial statements, including lease liabilities and right-of-use assets.
Switching to ASC 842 means more money details on the balance sheet. This change affects how companies look financially. It changes debt-to-equity and interest coverage ratios.
Companies need to update their systems and training. This ensures they report accurately. It’s a big change for accounting teams.
ASC 842 makes financial reports more honest. It helps companies show their lease deals clearly. This builds trust with those who look at their money.
Challenges in Adopting ASC 842
Adopting ASC 842 is tough, mainly because of the need for accurate data and new system integration. Companies face the challenge of collecting and checking lease data. They also have to deal with the complex rules of ASC 842.
Data Compilation and Accuracy
One big challenge is gathering a lot of lease data. Making sure this data is correct is very important. Any mistakes can mess up financial reports.
Companies find it hard to get the right data. They have to make smart guesses with what they have. They also need to track all leases, past and future.
ASC 842 can change how companies report assets and liabilities. New rules bring many leases onto the balance sheet. To handle this, experts suggest using shortcuts for short-term leases and combining parts of leases.
These tips help make adopting ASC 842 easier, according to [Macpas](https://macpas.com/new-lease-standard-avoiding-potential-pitfalls-and-challenges/).
System Integration Needs
Another big challenge is making sure systems work well with ASC 842. Adding new lease software and changing old systems is a big job. Many companies choose themodified retrospective approachto update current leases without changing old financial statements.
But, setting up these systems takes a lot of planning and resources. With 75% of companies finding ASC 842 as complex as ASC 606, the right lease software is key. Companies with many leases should use special software, not spreadsheets.
Ensuring full compliance means having strong processes to track all leases and changes quickly and correctly.
Here’s a table with the main challenges and solutions for adopting ASC 842:
Challenges | Strategies |
---|---|
Data Compilation | Conduct thorough inquiries with department heads and review vendor spend data |
Data Accuracy | Utilize practical expedients such as short-term lease exceptions and the risk-free rate |
System Integration | Adopt specialized lease software and plan comprehensive system migrations |
Compliance with New Standard | Work with knowledgeable advisors to ensure thorough understanding and application |
Benefits of Early Adoption of ASC 842
Adopting ASC 842 early has many benefits. It’s a top choice for companies that act fast. By choosing ASC 842 early adoption, companies get more time to improve their systems. They can also solve problems before they must.
In a recent survey, 75% of companies saw big changes in their balance sheets. This is because they now recognize lease liabilities and right-of-use assets. It shows a big improvement in how financial reports are done.
Companies that adopt ASC 842 early find it easier to adjust. About 60% of those using the modified retrospective method faced fewer problems. This makes it easier to understand and use the standard well.
Early adopters also get better at managing leases. For example, companies with many leases saw their total assets go up by 30%. This shows how important it is to know and use lease strategies well.
Looking at costs, early adoption helps companies avoid big increases. In retail, companies saw a 25% jump in lease costs after adopting. Fixing these issues early helps save money in the long run.
Lastly, early adoption helps with following rules. Companies that used outside help for their transition did 20% better in following rules. This means they avoid legal problems more easily.
Best Practices for Implementing ASC 842
Implementing ASC 842 means knowing about key things like centralized vs. decentralized leasing. It also means using automation and process optimization. These steps help follow the rules and work better. Let’s look at the best ways to make the transition smooth and keep lease management strong.
Centralized vs. Decentralized Leasing
Choosing between centralized or decentralized leasing is a big decision for ASC 842. Centralizing lease management makes things uniform, which helps avoid mistakes. It also makes following the rules easier.
But, a decentralized approach can be flexible. It lets different departments manage their leases. This might be good for places with many different needs. Still, centralizing usually helps stick to the new lease rules better.
Automation and Process Optimization
Automation is key for a smooth ASC 842 implementation. Using technology keeps lease data accurate, which lowers the chance of trouble. Tools can help gather, sort, and report lease data, making things more efficient.
Optimizing processes means checking if they fit with ASC 842. Companies should take these steps to improve their ways:
- Lease vs. Buy Decisions: Decide if leasing or buying is better under the new rules.
- Centralized Approach: Use one system for all lease management to keep things consistent and follow the rules.
- Utilize Rate Analysis: Do a deep rate analysis to get good lease deals.
By following these tips, companies can make the switch to ASC 842 smoothly. They can stay in line without upsetting their work too much.
ASC 842 Best Practices | Key Benefits |
---|---|
Centralized Leasing | Improved Compliance and Consistency |
Automation Tools | Enhanced Accuracy and Efficiency |
Process Optimization | Cost Savings and Better Negotiation Terms |
Common Pitfalls to Avoid During ASC 842 Transition
Switching to ASC 842 can be tough. Companies must be careful to follow rules and avoid mistakes in financial reports. One big mistake is not checking old lease classifications. ASC 842 says all leases, old or new, need to be checked again.
Another problem is missing embedded leases in contracts. Many service deals have lease parts that were not seen before. ASC 842-10-15-2 says companies must look for these lease parts in service deals.
It’s also important to understand what costs can be capitalized. ASC 842 changes how some costs are handled. If companies get this wrong, it can mess up their financial reports.
Using the right approach to switch to ASC 842 is key. Companies like XYZ use special rules to make the switch smoother. This helps them avoid big mistakes in their lease records.
Lastly, many private companies struggle with not enough staff. Almost 93% say they don’t have enough people to manage leases. Getting help from experts or using special software can help with this problem.
Conclusion
Our ASC 842 summary shows adopting the modified retrospective approach is key. It helps companies follow the new lease accounting rules. The deadline for nonpublic entities is after December 15, 2021. This makes it very important to start preparing now.
Companies must recognize a right-of-use asset and a lease liability for most leases. This doesn’t apply to short-term leases, where companies can choose not to. Planning carefully is essential for a smooth transition.
We’ve seen how ASC 842 changes lease accounting. It’s important to understand the practical expedients. For example, not counting short-term leases and combining different components.
Working together as a team and using technology are good strategies. Automated processes help manage data better. This makes the transition easier and more accurate.
Early preparation and education are also crucial. Companies that started early found the transition easier. This shows the value of training and talking across departments.
As we deal with ASC 842, being ready and informed is key. This way, we can adopt the new rules confidently. It will help us meet the standards successfully.
FAQ
What is the Modified Retrospective Approach?
The modified retrospective approach lets companies switch to new lease rules easily. It makes a single adjustment on the start date, without changing past periods. It also offers shortcuts to make the change simpler.
What are the benefits of adopting the Modified Retrospective Approach?
This method makes the transition easier. Companies don’t have to check old leases or costs again. It saves time and effort, letting them focus on current and future leases.
What are the effective dates for ASC 842 implementation?
Public companies must start by December 15, 2018. Private companies start by December 15, 2019. Early start is allowed.
What practical expedients are available under ASC 842?
There are shortcuts for not checking old leases or costs. These make the change simpler. They help keep old lease types and delay checking initial costs.
How does ASC 842 change lease accounting for lessees?
ASC 842 makes big changes. It requires showing leases on the balance sheet for long leases. How it’s shown on the income statement depends on the lease type.
What are the ASC 842 disclosure requirements?
ASC 842 requires more detailed disclosures. Companies must share information about leasing, judgments made, and financial statement amounts.
What are the challenges in adopting ASC 842?
Challenges include gathering lease data and ensuring accuracy. Companies need new software and to update systems. They must also make judgments and gather all needed data.
What are the benefits of early adoption of ASC 842?
Early adoption gives more time to improve processes. It helps address challenges and refine leasing strategies. It also offers insights into lessor concentration and process optimization.
What are best practices for implementing ASC 842?
Best practices include a team effort and a solid data plan. Automate processes and use a centralized system. Consider lease versus buy decisions and use rate analysis in negotiations.
What are common pitfalls to avoid during the ASC 842 transition?
Avoid not checking old lease classifications and overlooking embedded leases. Also, be careful with initial direct costs. Use the modified approach and shortcuts correctly to avoid mistakes.
Source Links
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