ASC 842 Compliance:
Avoid Fines & Save Time
Small, medium and large companies will have to change the way they report operating leases and time is running out to comply. Because the real deadline for compliance with the new lease accounting standard ASC 842 is only a few months away for many, all companies should prepare immediately.
In order to report operating leases on time, accurately and completely, a range of company sizes require a comprehensive operating lease accounting solution that saves them time, money, and stress.
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As of 2017, any publicly traded company must report operating leases longer than 12 months has to be in the company’s balance sheet. Small, medium and large companies with sizeable operating lease obligations will be the most impacted. However, all publicly traded corporations will be affected in some way.
To meet the ASC 842 compliance deadline, companies should start to prepare now by:
- forming a new lease accounting project team that includes authority members among departments involved in the leasing process (e.g.: Finance/Treasury, Lease Administration, IT, Accounting, and the Business Units)
- becoming familiar with the requirements of ASC 842 and the new lease accounting standards via this white paper
- adopting a simple to use process that easily organizes operating leasing data in one, central place
The purpose of this whitepaper is to highlight the most cost-effective, efficient and easy-to-use lease tracking platform that not only ensures your company complies with ASC 842 now but also avoids fines and undue stress. The Asset Panda asset tracking platform easily improves the overall organization of leases for companies of any scale to provide simple, customizable reporting.
Finally, this paper offers advice and detailed guidance on how to drive cost savings, return-on-investment (ROI), and account reporting accuracy by improving your existing lease reporting and lease accounting systems as you carry out your implementation plan.