FASB Leases Topic ASC 842
FASB leases topic 842 was released in 2016, and these regulations signal a significant shift in lease accounting across industries.
From health care organizations to manufacturing firms, institutions of higher education to professional services firms, FASB topic 840 is sure to affect the way most companies manage their leases. Although opinions on the usefulness of the regulations differ, most industry professionals agree on one thing — early implementation of the ASC 842 lease management rules is the right approach.
With nonpublic companies facing a Dec. 15, 2019, deadline and public companies’ compliance approaching in 2020, the time to consider updating your accounting system is now. With the help of resources like Visual Lease, your organization can begin early implementation that limits your risk and improves the likelihood of total compliance. Let us help you smooth the transition to the new accounting rules.
How Visual Lease supports the move to FASB leases topic 842
The rise of FASB topic 840 may provide your organization with the perfect catalyst to revamp and revise your lease accounting systems. Visual Lease is the trusted industry leader in lease management systems. With more than 350 valued clients and a 98 percent customer retention rate, our system proves its superiority and ease of use on the job every day.
Using a comprehensive lease management software can provide your team with the implementation help they need. Company representatives can partner with Visual Lease experts to:
- Automate journal entries that comply with the new regulations
- Generate real-time reporting directly from your ledger
- Store your data in a convenient, cloud-based platform
- Quickly track and report all types of leases
- And rapidly extract data on demand.
Instead of worrying about your approach to the transition, why not simply rely on Visual Lease to do the heavy lifting? Our team of professionals can help you develop the right strategy to comply with FASB leases topic 842. Contact us today to get started.