Lease Accounting Implementation Tools (ASC 842)
As the lease accounting standard (ASC 842) became effective on Jan. 1, 2022, many private companies have realized that its time to act. The process and procedural changes, training, calculations, and the effort involved with implementing ASC 842 can be overwhelming.
CohnReznick has extensive experience guiding companies like yours through the ebbs and flows of your organization’s needs. Below you’ll find information about the tools CohnReznick has to offer to ease adoption of ASC 842.
After vetting many software platforms, CohnReznick chose LeaseCrunch as our recommended cloud-based solution for our clients as they adopt ASC 842, IFRS 16, GASB 87, and GASB 96.
This platform offers a simple solution for generating monthly journal entries, amortization schedules, and quantitative footnote disclosures.
In addition, access to the system allows clients to add, edit, and revise leases as necessary.
This easy to use model has been designed as a cost-effective, scalable alternative to lease accounting software solutions to assist in the calculations associated with ASC 842, as well as a host of other concerns related to the standard. The Lease Accounting Toolkit was designed as part of a broader concern for companies who may be looking to coordinate the implementation of ASC 842 internally, but are concerned about the burden of reporting aspect.
View the fairly short, 20-minute demonstration below which includes high-level details about, as well as a view of, the CohnReznick Lease Accounting Toolkit. To learn more, contact us today.
Lease Accounting Resource Center