Our free ASC 842 lease accounting checklist is designed to help your company apply the accounting standard to new and existing leases.

ASC 842 Review Template

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Our ASC 842 lease accounting checklist offers a detailed process to leverage when reviewing your leases.

What's the impact? ASC 842 changes the manner in which operating leases are accounted for by requiring the capitalization of operating leases, which under previous GAAP were not reflected on a Company’s Balance Sheet. Similar to accounting for finance leases, ASC 842 would require, at a minimum, the recognition of a lease asset (i.e., the “Right-of-Use” or “RoU” Asset) and lease liability, representing the minimum future payments due under a long-term lease. 

Under ASC 842, for leases with terms of 12 months or less, lessees can elect to not recognize lease assets and liabilities. In making this election, lessees should recognize lease expenses on a straight-line basis, generally, over the term of the lease.

A Lease Accounting Checklist

This ASC 842 guide offers:

A clear process for reviewing new and existing leases

An informative questionnaire for helping you through the process

Codification guidance to help you find the relevant portions of the standard

Relevant elaborations on specific sections that offer additional context

Download Our Free Checklist:

Even after the mandatory implementation deadlines of ASC 842, we've found that many companies are interested in improving their approach to lead accounting. We've created this new process-centered resource to support your company and its navigation of the standards. 

Fill out the form to download your copy of our ASC 842 review template!