The time is now to develop your implementation plan! Topic 842 affects all companies and other organizations that have lease agreements for assets such as real estate, IT, office, and manufacturing equipment.
Implementing the new lease standard is not just a one-time exercise. It requires changes to accounting processes and financial reporting controls. Reviewing and updating accounting policies related to leases, and assessing the applicability and necessity of elections and practical expedients will affect the overall process and timeline—so be sure to assess them early. Efficient and timely implementation requires a thorough evaluation of resources and AAFCPAs advises clients to identify someone now to take the lead for this work.
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