FASB Accounting for Leases
FASB 842 lease accounting is a complex regulation that requires companies to track, categorize and report all leases on financial statements. This makes it essential for businesses to consider data management, accounting procedures, as well as tax implications when creating an implementation plan. Fortunately, organizations can easily manage their lease accounting processes with advanced FASB 842 software solutions.
Occupier’s lease accounting software can help your business stay compliant while also streamlining your entire leasing procedure for peace of mind.
How ASC 842 Compliance Impacts Companies Today
ASC 842 lease accounting 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 public firms had until 2020 (with some extensions due to COVID-19). Companies today are facing major impacts as they strive for compliance with lease accounting ASC 842 requirements.
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How Occupier Helps With Lease Accounting Management
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Gain ASC 842 Compliance
Accounting for leases ASC 842 compliance can be a daunting task, but Occupier is here to help! With our cutting-edge software and experienced team of professionals, you’ll have no trouble staying compliant.
Schedule a demo today and learn how we make compliance with ASC 842 stress-free!