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Lease Accounting Services

The ASC 842 lease accounting standard impacts many areas of an organization, not just accounting. The adoption process is a practical challenge – ǿմý’s cross-functional approach is designed to simplify the process and create a sustainable solution.

ǿմý has extensive advisory experience assessing the impact of and implementing ASC 842 across various industries and company sizes. The standard requires significant judgment, both in applying the guidance and in considering what will likely be far-reaching impacts to companies. Finance systems, procurement, business processes, operations and financial reporting all need to be carefully considered as you respond to change. ǿմý’s lease accounting ASC 842 services go beyond creating a set of recommendations – we become an extension of management to ensure the implementation is practical and tailored to your business needs.

Does your organization need to take a look at your lease accounting processes?

If you’re wondering whether you need expert lease accounting implementation services to help you enhance how you comply with the lease standard, it may be worth your time to take a closer look at your current situation. For instance, if you’re still using manual and heavy spreadsheet-driven accounting and reporting processes, there is likely potential to improve the accuracy and efficiency of your lease accounting process.

If you have numerous decentralized reporting entities, a lack of confidence in the veracity of the underlying lease data or a lack of recurring reporting of changes in the lease portfolio, then it may be time to take a second look at your organization’s lease accounting.  A lack of effective lease accounting can create the potential for small errors to aggregate to a material level and be a significant time drain in your close process.

Working with ǿմý means you’ll be partnering with one of the leading lease accounting companies, ensuring that you have the experience and know-how on your side to navigate these complex processes as smoothly and effectively as possible.

Our lease accounting and ASC 842 consulting services span a variety of areas, including:

  • Impact analysis and assessment
  • Lease abstraction
  • Operational accounting
  • Disclosure requirements
  • Policy and procedure development

ǿմý is not a CPA firm. 

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