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Perspectives

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 Standards Board (FASB) ASC 842, also known as the new lease accounting standard, takes effect for nonpublic, calendar-year-end entities on January 1, 2021.

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.

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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:

It’s time to take action

January 2021 is approaching quickly. For a wide range of new lease accounting challenges, a Rapid Implementation Lease Workshop can help produce a project plan aligned to your needs that you can start implementing on day one.

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.

 
 
 
 
 
 
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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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