Six Common Lease Accounting Adoption Mistakes... and How to Avoid Them

What are some of the most common mistakes organizations make when adopting the ASC 842 lease accounting standard?

Over the past few years, the Schneider Downs simpLEASE accounting team has helped private and public companies across several industries prepare for and successfully meet their respective ASC 842 lease accounting standard deadlines.

At the same time, our team also witnessed several pitfalls (mostly self-imposed) that impacted organizational abilities to successfully meet lease accounting deadlines. 

In our latest video series, our team shares six of the most common lease accounting mistakes they have seen organizations make, and best practices to avoid them.

You can view the full video series here or the individual videos below. 

Lease Accounting Mistake - Waiting Until the Last Minute

Learn about the benefits of providing enough time for your staff to meet the ASC 842 lease accounting standard and the importance of fully understanding the standard before starting the adoption process.

Lease Accounting Mistake - Understanding the Adoption Process

Learn about the issues that may occur when organizations underestimate the time and effort it takes to implement the ASC 842 lease accounting standard and the importance of giving your staff and vendors enough time to be successful.

Lease Accounting Mistake - Rushing the Adoption Process

Learn about  the dangers of rushing the ASC 842 lease accounting process and the importance of understanding all the required components, from interest rates to non-lease details.

Learn about potential chaotic situations that arise when companies run out of time against the ASC 842 lease accounting deadline and the negative impact this can have on staff and vendors.

Lease Accounting Mistake - Poor Decision Making

Learn about the importance of making informed decisions when adopting the ASC 842 lease accounting standard and providing enough resources for your staff to make long-term decisions regarding the standard.

Lease Accounting Mistake - Viewing Contractors as Adoption Panacea

Learn about the importance of viewing contractors as business partners rather than a cure-all for the ASC 842 lease accounting standards. Contractors can make the process easier, but they can’t make it entirely hands-off. 

How Can Schneider Downs Help?

If you are one of the many organizations with a non-traditional year-end that needs guidance on the ASC 842 lease accounting process, we are happy to help.

Please contact a member of the simpLEASE Accounting team at [email protected] or learn more about our lease accounting solutions at www.schneiderdowns.com/simplease.

Related Resources

• simpLEASE FAQ
• simpLEASE Software Overview
• Managed Lease Accounting Overview

About simpLEASE

Built by accountants for accountants, simpLEASE makes the FASB’s Accounting Standards Certification (ASC 842) simple. Designed to solve leasing accounting challenges for organizations of all sizes, simpLEASE is a scalable web-based solution that streamlines the lease accounting process and provides fast and accurate results regardless of whether you have two or two thousand leases.

About Schneider Downs Managed Lease Accounting Services

The Schneider Downs Managed Lease Accounting service provides an end-to-end lease accounting solution that combines our lease accounting expertise and simpLEASE software to help clients meet ASC 842 and IFRS 16 lease accounting standards reporting requirements and deadlines.

For more information on our Managed Lease Accounting solutions, please contact Nicholas D. Lombardo directly at [email protected] or visit our dedicated Managed Lease Accounting page. 

To learn more, visit our dedicated simpLEASE Accounting page.