Top 5 Lessons from 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