The ASC 842 standard became effective for public companies for fiscal years beginning after December 15, 2018. Non-public companies need to begin the implementation process now if they have not already started. One of the keys to a successful implementation of the new lease standard is to ensure that the right data is in the right place. Companies will need to assess system and staffing requirements necessary to implement the new standard. Considering all that is required to implement ASC 842, and with the required adoption date looming, companies must begin the assessment and planning process now.
2019 UPDATE: The FASB recently voted to change the effective compliance date for non-public companies. Click here to find out why the timing changed and how SolomonEdwards can help.