The Path to ASC 842 Compliance
The compliance countdown is on for ASC 842. The new lease accounting standard that the Financial Accounting Standards Board (FASB) published in 2016 will require companies to report most operating leases on their balance sheet starting in 2019. Ultimately, this could equate to trillions of dollars soon appearing on corporate balance sheets.
The infographic below shows some of the insights that Bloomberg Tax found in a 2018 survey of over 500 professionals who are directly or indirectly responsible for lease accounting. The findings give a glimpse into what’s at stake, the current compliance environment, and considerations for organizations who will be affected by the new regulation.
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