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New lease standard implementation workshop
Understanding and implementing FASB ASC 842
The time is now for companies to begin their new lease standard implementation. Ready to start the transition but not sure how? Struggling with an implementation already underway? Trying to conduct business despite current challenges? We are now offering our Rapid Implementation Lease Workshop virtually, which may help you move forward regardless of where your transition stands.
A new lease on FASB ASC 842 implementation
Financial Accounting Standard Board (FASB) ASC 842 is effective for non-public business entities for fiscal years beginning after December 15, 2021 (i.e., will be effective for calendar-year-end entities on January 1, 2022.)
The new lease standard implementation requires companies to include on their balance sheet more lease agreements than ever before. Deloitte’s Rapid Implementation Lease Workshop may help companies find their footing and set them on the path to efficient and practical FASB ASC 842 compliance.
The challenges for many are that historically leases have not been kept in a central location, and embedded leases exist within all sorts of other contracts.
For large, midsized, and smaller private companies alike, implementation can require significant investment, attention, and senior management leadership. New or upgraded technology may be necessary. Extensive abstraction of existing lease agreements is required to capture specific data at new levels of detail.
Many private companies are in a holding pattern, simply unsure of how to get started.
Take part in a virtual Rapid Implementation Lease Workshop
A lease standard implementation approach, tailored for you
A Rapid Implementation Lease Workshop is more than a FASB ASC 842 training session. It’s a highly interactive, full-day experience during which your accounting and controllership leaders engage with Deloitte’s lease standard implementation specialists to develop a project plan you can take back to your company and start acting on immediately.
Led by Deloitte professionals who have extensive real-world experience executing new lease standard implementations, the Rapid Implementation Lease Workshop can help you:
Regardless of where you are in your implementation journey, Deloitte's Rapid Implementation Lease Workshop delivers value. Companies with very different needs can benefit from a workshop.
Perhaps your company:
● Could use tailored assistance for the approaching implementation deadline
● Is just getting started or has experienced delays
● Is undertaking implementation with limited external support due to budget constraints
● Is not yet prepared to engage external support for a full implementation project
● Has a smaller lease portfolio and only needs technical assistance
The Deloitte Rapid Implementation Lease Workshop may be the spark that helps your company make meaningful progress toward implementing the new lease standard.
It includes:
● Prework and a kick-off session to prepare your team for the workshop
● A dynamic all-day workshop tailored to your company's specific needs
● Exploration of your company's specific lease contracts and fact patterns
● Actionable advice and recommendations about your transition options
● A post-workshop debriefing with delivery of specific materials to guide your next steps
The highly interactive Rapid Lease Standard Implementation Workshop is designed to help your team learn, assess, brainstorm, and plan.
Deliverables include:
● A model implementation project plan, including dates and responsibilities, with actionable next steps
● Preliminary risk assessment document of the company's lease portfolio
● Accounting policy and transition election templates
● Illustrative embedded lease analysis and three scenario calculations to demonstrate potential impacts of ASC 842
It’s time to take action
Deadlines are quickly approaching to comply with the new lease accounting standard. Financial Accounting Standard Board (FASB) ASC 842 takes effect for other nonpublic business entities, for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022.
Whether you want to develop a strategy to find all the leases that need to be analyzed, select a technology solution to accomplish it, or ensure that your internal controls are robust enough to handle it, you’ll be equipped with the knowledge and strategy to successfully comply with FASB ASC 842.
Start planning your Rapid Implementation Lease Workshop today
Complete our form to get more information about setting up your custom workshop. Virtual workshops are available.
The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.
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