Companies are facing a challenge in implementing and adhering to the new FASB lease accounting standards. Financial statement managers must extract a large amount of lease data, read and analyze obligations and provisions, and modify it following the most recent standards. A smooth and efficient transition is possible if the complex components are properly understood and the implementation process is simplified.

This paper helps ease the transition to new FASB ASC-842 accounting standards.

Major issues addressed in this report are:

• Lease accounting best practices
• The nature of the accounting changes and expert advice
• What lessees need to know about leasing under new rules of engagement
• The impact on taxes and internal reporting structures and more…