Simplifying the New Lease Standard
Under the new lease accounting standard, ASC 842, private companies are required to adopt for annual financial reporting periods beginning after December 15, 2021, which is 2022 for calendar year-end companies. It’s essential that businesses start planning now if they haven’t already.
We’ve put together a guide to simply the new lease standard and answer commonly asked questions, including:
- What is the new lease standard?
- When am I required to use the new standard?
- What qualifies as a lease?
- What is the impact of the new lease standard?
- What steps do I need to take?
- How Kernutt Stokes can help.