Technically Speaking: Lease Accounting Standards Update: Are You Ready for ASC 842?
The new lease accounting standards go into effect for most calendar year-end private companies on Jan. 1, 2022. With the deadline quickly approaching, it’s critical for businesses to be planning now.
On this webinar, professionals from KSM’s Audit & Assurance Services Group provided an overview of the requirements of Accounting Standards Codification (ASC) Topic 842, Leases, including identification, recognition, and measurement of leases and presentation and disclosure requirements. Examples were shared to illustrate application of the new standards as was an overview of the lease accounting software that KSM utilizes to help clients with their implementation of the new standards.
Key topics included:
- The differences between current and new lease accounting standards.
- The revised definition of a lease and how to identify leases within the scope of ASC 842.
- How to apply the lease recognition and measurement requirements under the new standards.
- How to identify presentation and disclosure requirements of the new standards.
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