- Gather data on lease terms, renewal options and payments
- Evaluate if there are embedded leased assets in contracts with vendors
- Evaluate multi-asset leases and identify and account for each component as a separate lease
- Gather data on lease elements and non-lease elements
- Calculate Right of Use Assets and Lease Liability balances as of adoption date, along with journal entries to record at the date of adoption.
- Prepare data for footnote disclosures.
- Prepare any technical accounting memos, including ASC 842 Adoption Memo and any complex arrangements requiring whitepapers.