What Can CPA Firms Do Now about the New Lease Standard?


While the new lease standard is obviously about accounting for leases, there are broader implications that your clients should consider now, well before implementation. For example:  Do they understand how operating leases will affect their balance sheet, especially the liabilities? How will they find the resources and expertise to gather and analyze their leases? What processes might they need to establish so future leases are properly accounted for?

While the new lease standard is obviously about accounting for leases, there are broader implications that your clients should consider now, well before implementation. For example:

  • Do they understand how operating leases will affect their balance sheet, especially the liabilities?
  • How will they find the resources and expertise to gather and analyze their leases?
  • What processes might they need to establish so future leases are properly accounted for?

The good news is that you, as a trusted expert, can offer both advice and resources to help your clients get in front of this standard. Even better is that much of this work can be provided outside of busy season, providing you with additional off-peak, billable hours.

The time is now to start talking to your clients about the new lease standard and LeaseCrunch® can help. Click here for a handy guide that provides tangible ideas for you to offer to your clients

You’ll also receive a getting-started checklist that you can brand as your own and provide to clients. It includes detailed action items related to the new standard for clients to start thinking about now, then points them back to your firm for help.

Help Clients Prepare With This Checklist