Lease Accounting: Road to Compliance Checklist

November 2019

While the FASB recently affirmed the deferral of ASU 2016-02 (Topic 842, leases) for private companies and nonprofits, companies should still forge ahead on the road to compliance. The new standard applies to both lessees and lessors, and it brings significant changes to balance sheets. The extra time granted by the FASB reflects the mammoth task ahead, which will require more work, more resources, and more time than most businesses realize.

Before you even get started on the process, you’ll want to ensure your accounting team has been educated on the new standard and understands its implications across the organizaion.