Dec. 15, 2021, is the effective date for the new ASC 842 lease accounting standard for nonpublic companies. That means you will be called upon to help clients with implementation – if you haven’t been already. 

It’s true: implementing the new lease standard requires changes to processes and reporting controls, but after many conversations with CPA firms it seems that clients with 20 or fewer leases have drastically reduced complexity.

Here are four reasons why implementing the new lease standard may not be as hard as you or your clients feared it would be and how you can help.

Read the full article on the CPA Now Blog.