Lease Accounting A&A Update

NEW LEASE ACCOUNTING - IT'S HERE, ARE YOU READY? [https://www.claconnect.com/ser...]The new lease standard, Financial Accounting Standards Board (FASB) ASC 842, is effective for private companies with fiscal years beginning after December 15, 2021. Begin today to evaluate the technical accounting challenges and resources needed for implementation. *     * The new standard brings leases onto the balance sheet to enable users to assess the amount, timing, and uncertainty of cash flows.     * Not all leases under ASC 842 will be called a lease. Reviewing leases can be time-consuming and require significant accounting knowledge and judgment.     * The entity should report right-of-use assets and obligations based on legal enforceability of the contract term.