Issued by the FASB, ASC 842, otherwise known as Topic 842, are new lease accounting standards that govern how entities record the financial impact of their lease agreements.
With the goal of fostering more transparency between investors and companies, Topic 842 requires all leases longer than 12 months to be recorded as assets and liabilities on balance sheets. The requirements will affect nearly everyone. As with any accounting standard update, there are important deadlines.
We hosted a webinar with two of our experts to help familiarize you with important changes which are already in effect for the year ending December 31, 2022. We provide a handout version of the slides used in the presentation, as well as a downloadable worksheet so you can follow along. Understand how these changes will impact your day-to-day so you can avoid a headache in the future.
Alan Stein, CPA, Director, Audit and Accounting Services
Vicki Hitchcock, CPA, Principal, Audit and Accounting Services
View Webinar: New Leases Accounting Standard
Do you have questions about the new lease accounting standards? Please feel free to reach out to your GSG contact or email us with your question and we’ll make sure it gets to the right person.Categories: Tax, Audit & Accounting, Real Estate