Most private companies’ 2022 annual financial statements will need to reflect ASC 842, which aims to provide more comprehensive information to financial statement users. Adopting the new standard can be complex, presenting an array of impacts that company executives and accounting leaders should understand. These include:

• lease classification rules under ASC 840 and ASC 842,
• guidance and practical expedients for the transition,
• key accounting considerations and downstream effects on the business,
• and the accounting, business, and technology enablement considerations for an ASC 842 implementation.

Find more details in this article by Riveron experts Mark Jistel and Chris King.