By LeaseCrunch® on Jan 18, 2023 2:12:25 PM
This article was originally published in CPA Practice Advisor.
For accounting firms, this is the calm before the storm. The year is over, and it’s likely to be a few weeks before year-end financial reports start coming in from your clients.
But particularly if your clients are primarily private companies, there’s a task you can do right now to save both yourself and them problems later.
This article outlines the importance of making sure your clients talk to their banks about how the ASC 842 lease accounting standard could affect their debt covenants.