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Top 5 Lessons from Real World Implementations of ASC 842

May 28, 2019 |
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A panel of experts from RGP and LeaseAccelerator draw upon real-world implementations of ASC 842.

  1. Budgeting and Planning – How to estimate the project timeline and budget for implementation
  2. Leasing Data – How to inventory your leases, abstract the data from leases, and collect additional details from users
  3. Project Team – Who to involve on the core team and how to get participation from lines of business
  4. Testing – How to design test plans, select sample leases, and execute test plans to ensure accounting accuracy
  5. Controls – Which processes, policies, and controls to ensure internal controls over financial reporting
  6. Project Governance – How to approach communications with the CFO, CEO, and audit committee

 

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