We’ve already helped more than 700 organizations get FASB ASC 842 compliant and stay that way even as the requirements and their lease portfolios change.
The new FASB lease accounting standard ASC 842 requires organizations to account for leases as right-of-use assets and liabilities on the balance sheet.
This isn’t just a one-and-done disclosure, it’s a whole new approach to accounting.
It’s also that rare compliance project with a real ROI.
Generate ASC 842 journal entries, disclosures, reports and footnotes required to transition to the new lease accounting standards.
Manage every modification and maintain compliance for day 2 and beyond – even as your leases and the regulatory requirements evolve.
Built by lease accounting experts, explore our wide selection of one-click report templates with the ability to perform comprehensive calculations backed by SOC I Type II certification. Or, configure one-off reports with our powerful ad-hoc reporting engine.
Whether you're subject to the FASB standards for the first time or you're looking to make a switch to a better solution, we've got resources to make your compliance journey easier.
Planning for ASC 842 compliance for the first time?
We’ve embedded learnings from over 700 success stories into a personalized project planning tool.
Get a proven project plan specific to your target deadline and valuable resources to map out your path to sustainable compliance.
Still struggling with sustainable ASC 842 compliance? You’re not alone.
Lots of companies have switched to Visual Lease to get confidence in compliance for Day 2 and beyond.
We built a project planning tool based on their transitions to help teams making the switch hit their deadlines and plan for every step.
More than 700 companies trust Visual Lease with their lease portfolio.
And 98% renew their contract every year.
Every implementation gets a dedicated team to help you get up to speed, get compliant, and get the most out of our software in 90 days or less.
Once you’re up and running, our team of experienced accountants, attorneys, and lease managers is here to help as your leases – and the regulatory requirements – evolve.
ASC 842 is a new lease accounting standard that was released by the Financial Accounting Standards Board (FASB) that replaces the now outdated ASC 840. This new standard was put in place to increase disclosure and visibility into leasing obligations for both private and public sectors. Previously, most leases were left off of balance sheets, whereas now companies need to report right-of-use (ROU) assets and liabilities on almost all balance sheets.
The ASC 842 effective date differs for public and private companies. Public companies were expected to comply for fiscal years beginning after December 15, 2018. For private companies, the new standard takes effect for fiscal years beginning after December 15, 2021.
Becoming ASC 842 compliant can be difficult if you don’t have all of your leases readily available. After you have confirmed you have all of your contracts and leases together, making sure that they are placed within your balance sheet correctly is the next step.
We can help skip all of that frustration with our ASC 842 lease accounting software. We can keep all of your ASC 842 leases in one place that will keep you automatically ASC 842 compliant around the clock.
There are no main differences between the impact of ASC 842 on public companies versus private. The only difference is the adoption date, which for private companies is fiscal years beginning after December 15, 2021.