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.
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.
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.
View our recent lease accounting webinar for guidance on:
While it may seem early, these selections and determinations will significantly impact calculations as well as the information companies need to collect.
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:
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.
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.