Lease Accounting

 

  • 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.