ASC 842 makes organizations record most leases on the balance sheet. The standard is designed to address the concept of off-balance sheet operating leases. Due to COVID, the adoption was postponed (1) additional year. Private companies now have to begin the transition as of year-end ’21.

ASC 842 – Time for Private Companies to Transition

What is ASC 842:

ASC 842, in essence, makes organizations record most leases on the balance sheet.  The standard is designed to address the concept of off-balance sheet operating leases.

What Does it Mean:

By including leases on the balance sheet, an organization’s indebtedness becomes more transparent. 

Why Now:

Due to COVID, the adoption was postponed (1) additional year.  Private companies now have to begin the transition as of year-end ’21.

HOW ARE YOU ADDRESSING THE TRANSITION? 

Our Solution – LeaseTRAK:

 Lease Abstraction

Uploading of all Critical Lease & Contract Provisions 

FASB 842 Transition & Reporting

Day-to-Day Lease & Contract Administration

On-going Auditing Processes

C-Level Dashboard

Metric & KPI Analytics

Peer Benchmarking

Strategic Planning

Portfolio & Occupancy Cost Optimization

Real-time Automated Notifications