Lease Accounting Standard Breakdown

The Financial Accounting Standards Board (FASB) requires public and private companies to track and disclose leased assets within their balance sheet.

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How ASC 842 Impacts Companies Today

ASC 842 replaced the previous lease standard, ASC 840, requiring a major overhaul of lease management processes and updating of records.  Private companies were required to adopt the new standard by 2019, while private companies deadline was 2020 with some extensions due to the pandemic.

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“I feel confident in the completeness and accuracy of our data that we’re going to get through our audit and the ASC 842 transition.”
Mike Mayman
Controller, SolidCore

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