According to a recent US business census, there were 5.8 million businesses registered in the USA. This includes everything from a 1-person marketing freelancer to Fortune 100 Company.
Under ASC 842 (and GASB 87 and IFRS16) you will need to collect those data points, along with options, escalations, CPI, incentives, allowances, improvements and other risk factors. These are real estate or equipment leases that lawyers or facilities experts may be familiar with, but not necessarily the accounting team.
In the process of building our accounting software company, we've found myriad ways in which AI can help accountants operating under ASC 606 revenue recognition standards.
New Lease Accounting regulations have created a $1B software market almost overnight. This post summarizes the changes and impacts of these new regulations.
When does ASC 842 come into effect, and when should you start preparing? All answers in the article.
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