FASB ASC 842 leases underestimated effective date adjustment approaches
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FASB ASC 842 leases underestimated effective date adjustment approaches

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In a matter of weeks, calendar year private companies that report under U.S. generally accepted accounting principles (U.S. GAAP) will be required to make a material effective date adjustment to adopt FASB ASC 842, Leases, which may have widespread underestimated impacts. We have noted a lack of appreciation for the impact of this adjustment in surveys we have conducted (see survey below, 457 responses) as well as continued procrastination. Further, a 2021 survey from Lease Accelerator & EY noted that

Download the CPEA report: FASB ASC 842 leases underestimated effective date adjustment approaches

File name: cpea-report–november-2021–fasb-asc-842-leases-underestimated-effective-date-adjustment-approaches.pdf

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