How Ready Are You for the New Lease Standard?

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You've known about the new lease standard for a while and may have breathed a sigh of relief when the FASB allowed nonpublic companies an extra year for implementation. That year is moving by fast and your required implementation date will be here soon.

How ready are you for the new lease standard?

Take our readiness assessment to find out.

After you submit your responses, you will have access to your score, along with your responses and related guidance.

We're confident our current lease maturity schedules - before implementing the new lease standard - include reasonably assured lease renewals or terminations as prescribed by ASC 840. *

1 point

True

False

We've reviewed all service contracts for potential leased assets ('embedded' leases) and those are included in our current maturity schedules. *

1 point

True

False

We're confident that our current maturity schedules include all of our leases. *

1 point

True

False

At least one person on our team has read the standard and attended a webinar, a workshop or other training session on the new lease standard and feels confident about how it will apply to our organization. *

1 point

True

False

We've identified a cross-functional group of people that will be or has been trained on identifying qualifying leases in our organization and will determine or has determined a strong process that ensures we will account for these leases properly. *

1 point

True

False

We have the resources we need (either internally or external consultants) to assist us with implementing the new lease standard. *

1 point

True

False

We know our Initial Application Date and have a project plan ready to implement the new lease standard. *

1 point

True

False

We have made our policy elections for the new lease standard and reviewed them with our CPA firm. *

1 point

True

False

We have identified the right software to help us implement and track our leases on a go-forward basis. *

1 point

True

False

We have reviewed our lease portfolio in light of ASC 842 and have abstracted relevant data for the new lease standard. *

1 point

True

False

We have talked to our bank and understand the implications of the new lease standard on our debt covenants. (Give yourself a "true" if you don't have debt covenants!) *

1 point

True

False

We have prepared our executive leadership, board, and owners/investors for the financial implications of the new lease standard on our organization. *

1 point

True

False

We have a defined process for identifying new leases and their proper accounting, which includes setting up new GL accounts and reconciling lease payments. *

1 point

True

False

We have entered lease data into our software and we already know our opening entries. *

1 point

True

False

The size of my organization's lease portfolio:

My organization's industry:

My title:

CFO

Vice President

Controller

Accounting Manager

Accounting Staff

Other:

Clear selection

My location:

US - Northeast

US - Southeast

US - Upper Midwest

US - Lower Midwest

US - Northwest

US - Southwest

US - Other

Outside the United States

Other:

Clear selection

About LeaseCrunch

LeaseCrunch provides easy-to-use yet powerful lease accounting software to streamline the new lease standard for CPA firms and their clients.

Visit our website at LeaseCrunch.com for more great content about the new lease standard or to learn about our software.

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