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.

Sign up for weekly professional and technical updates from PICPA's blogs, podcasts, and discussion board topics by completing this form.