Author Description

Navigate the complexities of ASC 842 with confidence using Lease Logic. The most significant change to lease accounting in decades is here, fundamentally altering how organizations report leases on their balance sheets. Are you prepared to implement ASC 842 correctly and efficiently? Your Practical Guide to Real-World Application This guide demystifies the standard, offering clear, actionable insights for finance professionals, accountants, and auditors. Move beyond theoretical understanding and dive into the real-world application of ASC 842. Master Key Concepts & Calculations Learn the essential steps to identify leases, including tricky embedded arrangements often missed in service contracts. Master the crucial lease classification tests that determine whether a lease is treated as Finance or Operating for lessees, or Sales-Type, Direct Financing, or Operating for lessors. Gain step-by-step instructions on calculating the Right-of-Use (ROU) asset and the corresponding lease liability – the cornerstones of the new model. Understand the nuances of selecting the appropriate discount rate and accounting for various payment structures. Get detailed breakdowns of both lessee and lessor accounting models, ensuring a comprehensive grasp regardless of your role. Streamline Transition & Ensure Compliance Discover how to leverage available practical expedients during transition. Understand the implications of key scope exceptions, like the short-term lease exemption. Tackle complex areas such as sale-leaseback transactions with clarity. Address the vital disclosure requirements, helping you prepare transparent and compliant financial statement footnotes. Your Implementation Roadmap From initial data gathering and system selection considerations to establishing robust ongoing processes, Lease Logic provides the implementation roadmap you need. Avoid common pitfalls. Understand the impact on your financ