Lease data is the heart of FSB ASC 842 compliance
Data is going to be your key to FASB ASC 842 compliance. And it’s proven to be tougher than most companies expected. The new rule will require you to abstract as many as 55 data elements from leases in order to determine the lease status and meet compliance requirements. Because lease data is at the heart of FASB ASC 842 compliance, we created this checklist and worksheet to help you. It’s a comprehensive checklist of the data you’ll need to collect in order to correctly classify and report on each lease.