Implementing ASC 842 in 2022: Lease Accounting Basics, Impacts, & Adoption Tips

The new accounting standard, ASC 842, will significantly impact how leases are recorded in financial statements. Whether you have one or hundreds of lease arrangements, every organization needs to identify, abstract, categorize, account for, and manage leases throughout their term.
In this webinar, we cover:
o The basics of lease accounting
o Requirements under the new standard
o Potential risks and impacts
o Adoption tips and maintenance
o Automation solutions with a demo of LeaseCrunch
Timestamps
0:00 Intro
4:58 Key definitions
7:34 Lease accounting overview
8:22 Adoption requirements
10:20 Things to consider when adopting the new lease accounting standard
15:05 What is a lease under ASC 842
16:36 Six steps for success when adopting the new standard
17:31 Review your general ledger accounts
18:36 Inventory contracts: review key terms and payments
19:22 Separate fixed and variable payments
21:16 Consider policy elections
24:40 Evaluate contracts to determine financing lease vs operating lease classification
27:52 Evaluate financial statement adoption options
30:10 Our offering and approach
33:10 LeaseCrunch Demo
47:40 Recap
48:18 Next Webinars
49:00 Questions
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