Restaurant Master Class: Implementing the New Lease Accounting Standard

One positive outcome from the global pandemic was the Financial Accounting Standards Board’s decision to delay Accounting Standard Codification 842, Leases for privately held companies and nonprofit organizations. With the deferral, private companies are now required to adopt annual financial reporting periods beginning after December 15, 2021, which is 2022 for calendar year-end companies. This only impacts companies reporting under US GAAP (does not impact income tax basis of accounting). ASC 842 will potentially affect every company holding leases as it is designed to account for a Company’s lease obligations on the balance sheet as a right-of-use asset and a lease liability.

Join our Assurance & Business Advisory Director Dustin Minton and Manager Kristin Romaker as they describe the best practices and processes to ensure you have a smooth implementation. Topics to be discussed include:

• Lease tracking solution (Excel vs. lease software)
• Resources needed to implement and maintain
• Identifying the lease portfolio
• Evaluating the lease agreements and overall scope
• Calculating the lease obligations and right of use assets
• Financial reporting and disclosures
• Internal control processes going forward

This webinar qualifies for 1.0 hour of CPE based on Ohio CPE requirements.