ASC 842 and GASB 87: Top Three Challenges of Compliance

Comply with FASB and GASB Compliance with the lease accounting standards applies to every organization subject to the rules of the Financial Accounting Standards Board (FASB) and Governmental Accounting Standards (GASB), regardless of size. Even if you only have a few leases, you still need to go through the process of identifying, abstracting, classifying, properly accounting for and managing your leases throughout their terms. Hear lease accounting experts from EZLease, LeaseAccelerator, and NTrust discuss the top three challenges of achieving compliance: gathering and abstracting lease data, getting the lease accounting right from the start, and how to choose the best solution. We cover how to go beyond spreadsheets to meet your compliance goals quickly and effectively. With so many lease accounting changes going into effect this year, these timelines and best practices will help you to simplify compliance with the FASB and GASB deadlines. Learning objectives:

• The FASB and GASB requirements of the expanded lease definition

• Understanding data collection and extraction

• Achieving compliance on the transition date and beyond

• Ongoing lease accounting requirements and how to keep up

• Choosing the best solution to simplify compliance