According to a recent poll of 350 finance and accounting executives, 40 percent of private companies are running behind schedule or haven’t even started planning for the transition to ASC 842, which goes into effect for those entities with fiscal years beginning after December 15, 2019. Most public companies have already been required to implement the new standard, offering their private company counterparts lessons on challenges encountered and solutions deployed—making this a good time to take stock of where your company is on the ASC 842 implementation timeline.

BDO’s recent insight provides an overview of the new lease accounting standard, lessons learned from public companies, and best practices for implementation. If you are interested in speaking with a BDO professional regarding the new standard and what it means for your company, contact Central Florida Assurance Managing Partner, Thiru Govender – [email protected]