FASB ASC 842, Leases: Effective Date, Implementation Challenges, and More
With the impending effective dates looming for ASC 842, Leases, learn more about some implementation challenges and practical expedients in this video blog by Allison Henry, PICPA's vice president of professional and technical standards.
By Allison M. Henry, PICPA Vice President, Professional and Technical Standards
For many entities, implementing ASC 842 will result in a significant shift in accounting policies, which will have a material impact on financial statements. In this video, Allison Henry, PICPA vice president of professional and technical standards, discusses the impending effective dates, practical expedients, and implementation challenges.
The PICPA’s Accounting and Auditing Steering Committee has petitioned the FASB for a two-year deferral of the effective date of ASC 842 (see the text of the letter or download a pdf).
Please support this effort by adding your signature to PICPA's petition.
ASC 842, Leases, will be a topic of discussion topic at PICPA's 2021 Accounting & Auditing Conference. The fully virtual event will be held Dec. 9-10.
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Disclaimer
Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.
