The new lease accounting standard (Topic 842) enhances the transparency of material lease obligations by requiring lessees to recognize most leases (including operating leases) on their balance sheets.
CrossCountry offers our clients a flexible approach to implementation of Topic 842 – from technical accounting support, to overall PMO, to focused assistance with specific aspects of implementation (e.g. contract reviews, data requirements, system implementations, governance and disclosure) to providing qualified resources to supplement your existing implementation team. With experience managing large implementation projects, extensive knowledge of both the new and existing lease accounting standard, and the ability to work seamlessly with your auditors and other service providers, CrossCountry Consulting is primed and ready to help you manage this important project and achieve a successful and efficient implementation of the new standard.
If you have questions about how this new lease accounting standard will impact or you, or are just looking for some insight on how to get started, please contact us.
How Can CrossCountry Help?
By supporting clients throughout the entire implementation process, including:
- Identifying the inventory of leases by type
- Updating or developing and documenting key accounting policies and policy decisions (e.g., transition relief)
- Analyzing the lease vs. buy decision framework for lessees and lessors
- Assessing and updating processes, systems, controls and other wider business impacts
- Providing overall project management
By supporting clients with specific aspects of the implementation efforts, such as:
- Assisting with contract reviews, identification of separate lease and non-lease contract components, identification of additional data elements and calculation validation, implementation of new processes or lease accounting/management automation tool, training, etc.
- Providing knowledgeable, trained consultants to supplement existing implementation teams
- Providing overall project management and training