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Adopting New Lease Accounting Standards: Your Partners in Compliance

If you’re the CFO of a private company and you’ve yet to adopt ASC 842, you’re not alone – but you’re officially up against the clock. With the new year comes the urgent need to ensure you’re in compliance, as it’s required for all 2022 financial statements and may significantly impact your balance sheet, EBITDA, KPIs, and more.

The good news? Accordion is here to help.

Our team of technical accountants has extensive expertise helping private/PE-backed companies efficiently implement the new standards in a matter of weeks. Leveraging our “Lease in a Box” approach, we start by quickly identifying transition challenges and then utilize automation to create a sustainable process for post-implementation success. Specifically, we harness the power of the leading lease accounting software solutions to eliminate spreadsheet errors, create an audit trail, and generate entries/disclosures at the click of a button.

 

Shauna Watson

It’s critical that companies transition away from Excel in favor of specialized lease accounting applications or modules. At Accordion, we match clients with the most appropriate technology platform and specific software package – a decision based on company size, demand for scalability and future growth, implementation & maintenance costs, and ease of use.”

Shauna Watson
Managing Director, Accordion
Lease In A Box

Accordion's Key Deliverables

  • Summarized lease information and detailed amortization schedules

  • Audit-ready technical accounting memo for ASC 842 adoption

  • Journal entries to record ASC 842 transition adjustment and ongoing accounting

  • Draft footnote for annual financial statement disclosure

  • Analysis of lease population completeness and embedded leases

Need ASC 842 Implementation Support?

Our technical accounting experts are here to help.

Accordion’s 6 Steps to ASC 842 Implementation

Representative Experts

Shauna Watson
Shauna Watson
Managing Director

Shauna, CPA, is a Managing Director and the Head of Accordion’s Public Company Readiness Practice, with nearly three decades of experience spanning a variety of sectors including consulting, energy & aerospace, and defense. She is a subject matter expert in US GAAP, IFRS, SOX, and SEC Regulations. Shauna has helped companies implement new accounting standards like leases and revenue recognition, and has also worked on complicated deal and accounting structures often seen in M&A, carve-outs, IPOs, and GAAP conversions.  Read more

Alex Bogopolsky
Alex Bogopolsky
Senior Director

Alex is a Senior Director with nearly three decades of technical accounting experience stemming from his auditor and consultant roles at the Big 4 and private equity companies. A certified public accountant, Alex leads complex projects dealing with restatement accounting, debt restructuring, capex accounting, and provides cost savings advisory services via establishing performance measures and accountability.  Read more

Cheryl Shelhamer
Cheryl Shelhamer
Senior Director

Cheryl is a Senior Director with over two decades of advisory, accounting, and financial reporting experience with clients ranging from small startups to large multinational companies. Cheryl specializes in public company readiness and the implementation of new accounting standards – advising clients in the preparation and support of U.S. GAAP and SEC compliant financial statements.

Alex Friend
Alex Friend
Director

Alexander is a Director with over a decade of experience in assurance and accounting advisory services. He is a CPA who has led both audit and accounting advisory projects for companies spanning a wide variety of industries, including healthcare, construction & engineering, retail, oil & gas, and media & entertainment.  Read more

Efficiently Adopting New Accounting Standards

Check out Accordion & Trullion's recent webinar for a deep dive into the impacts of ASC 842 on PE-backed teams and how to leverage AI-powered software to ensure a smooth transition.

Watch Webinar