Lease data is the heart of FASB ASC 842 compliance.
The thing is, it’s proven tougher to get than most companies expected.
When it was first released, no one knew what to expect when it came to timeline or process for making FASB 842 happen.
But as time has shown, there are a lot of unexpected complications.
In fact, 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. It’s a tall order that requires careful understanding of the updated accounting standard.
To help shed light on the topic, we’re revealing 3 hidden facts about FASB 842 implementation you might not know… but that are too important to ignore if you want to successfully execute the new accounting standards.