ASC 842 Transition Checklist

Private companies are either in the process of implementing the new lease accounting standard, ASC 842, or they are preparing for the transition. With the shift to the new standard comes many considerations, and so we have assembled this checklist to assist you in your transition journey.

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Steps to transition

Step 01: Educate departments and stakeholders

Step 02: Gather an inventory of leases

Step 03: Establish functional requirements

Step 04: Identify solutions in the market

Step 05: Select vendor

Step 06: Execute contract

Step 07: Develop an implementation plan

Step 08: Update and finalize lease accounting policies and processes

Step 09: Input lease data into lease solution

(OPTIONAL) Ensure 840 compliance

Step 10: Record 842 transition entries

Step 11: Prepare and review subsequent entries

Detailed checklist for transitioning to ASC 842

Step 01: Educate departments and stakeholders

Step 02: Create an inventory of leases

Step 03: Establish functional requirements for software solution

Step 04: Identify potential solutions

Step 05: Select vendor

Step 06: Execute contract

Step 07:  Develop your implementation plan

Step 08: Update and finalize lease accounting policies and processes

Step 09: Input lease data

(OPTIONAL): Ensure ASC 840 compliance

Step 10: Record ASC 842 transition entries

Step 11: Prepare and review subsequent outputs

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At LeaseQuery, we’re here to make sure you are never alone on your compliance journey – giving you the technology, accounting knowledge, and support you need to survive the wild road to compliance and financial insights.

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