FASB’s Accounting Standards Codification (ASC) Topic 842, Leases has changed the way public and private companies and other organizations must account for leases. Over the past several years, organizations of all sizes have worked to review lease contracts and take other steps to comply with the new lease standard. Especially for companies with capital-intensive business models in energy, manufacturing, technology, health care and other industries, implementation has proven to be time-consuming and expensive.
Weaver’s professionals can help companies stay compliant, reduce risk, eliminate human error, and save valuable time and resources as they work to implement the new standard and meet upcoming deadlines.
Many organizations have realized that lease accounting requires managing a large amount of data and more than a few leases makes spreadsheets unmanageable. As a Certified Service Partner with LeaseQuery, we offer a collaborative approach and best practices to make this transition as smooth as possible for management teams.
Our services include:
- Lease standard adoption consulting and position memo development
- Lease contract review
- Incremental borrowing rate consulting
- Lease adoption and on-going maintenance journal entry development
- Lease accounting internal control and risk evaluation
- LeaseQuery client data upload template completion