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Lease Accounting Implementation and Support

Identify your leases, simplify your compliance

Are you ready to implement the new lease accounting standard (ASC 842)?

With new practical expedients, organizations should reevaluate their implementation plan. If you haven’t developed your plan, our lease accounting specialists can help.

With the deadline approaching for private companies to implement ASC 842 for fiscal years ending after Dec. 15, 2021, it’s critical to be planning now.

Sensiba San Filippo provides a scaled approach to meet your needs. From providing consulting and guidance to your internal team, to fully outsourced lease accounting implementation and administration – and everything in between.

get started

Tell us a little bit about yourself. We’ll respond within one business day. Our team is also available by phone at (925) 271-8700.

How we can help

We provide a scaled approach to meet our clients’ lease accounting needs, from consulting and guidance to fully outsourced lease accounting implementation and administration–and everything in between.

Assessment, Planning & Support Services

We assist you in developing an effective implementation plan, including practical expedients, to meet new requirements now and in the future.

Financial Reporting

We help your team optimize the time-consuming and complex work needed to gather and analyze the lease data required for effective financial reporting.

Software Implementation

Our consultants help streamline, simplify and automate compliance by implementing a lease accounting solution for adoption and ongoing administration and reporting.

Full Outsourced Administration

Eliminate the burden on staff and management with fully outsourced lease compliance and administration.

LEASE ACCOUNTING ON-DEMAND WEBINAR

ASC 842: Transition Guidance, Practical Expedients, Discount Rates, and More

View our recent lease accounting webinar for guidance on:

  • Transitioning to the new standard
  • Determining an appropriate discount rate
  • In-depth review of practical expedients, their impact, how to apply them, and when it might be better to consider a reassessment

While it may seem early, these selections and determinations will significantly impact calculations as well as the information companies need to collect.

Impact of the new lease standard

ASC 842 will require companies to account for lease obligations on their balance sheet with detailed footnote disclosures.  To comply, companies will need to evaluate:

Policy Elections

Companies must make policy decisions regarding how leases are classified, including estimates and the potential impairment of right-of-use assets. Many of these decisions will make implementation easier but may result in more significant assets and liabilities appearing on your balance sheet.

Processes & Controls

Companies must document operating leases that have previously been decentralized within business units and locations. This introduces a need for new systems, processes and controls.

Debt Covenants

Adding significant lease liabilities may affect your company’s compliance with debt covenants. You need to understand these potential implications and may have to begin conversations with lenders. Companies must make policy decisions regarding how leases are classified, including estimates and the potential impairment of right-of-use assets. Many of these decisions will make implementation easier but may result in more significant assets and liabilities appearing on your balance sheet.

Resources

Lease Accounting Quick Reference Guide

Download our quick reference guide for a high-level overview of the new lease standard, that includes information on what qualifies as a lease, key dates, and next steps.

Readiness Checklist

Are you ready for the new lease accounting standard? Our actionable checklist will help you gauge your readiness for adopting the new standard.

On-Demand Webinar: Private Companies & Nonprofits: Preparing for ASC 842

The ASC 842 deadline for private companies and nonprofits is fast approaching and will significantly impact how leases are accounted for within financial statements. Whether you have one lease or hundreds, every organization will need to identify, abstract, classify, account for, and manage leases throughout their term. Now is a great time to prepare, learn implementation best practices, and how you can simplify compliance.

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