ASC 842/Lease Accounting Implementation
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.
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.”
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
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