ASC 842 leases solutions and support

Our article ‘How to assess the impact of ASC 842 Leases on a UK entity when reporting to group’ gave an introduction to ASC 842 leases and suggestions on how UK subsidiaries may assess the impact of ASC 842 on their leases when reporting to their US parents.

The initial application of ASC 842 leases can be a daunting task, both technically and for the resource capacity that may be required. Below we look at some of the tools and services available to make this process feel more achievable, with a focus on finding an appropriate solution to record data and calculate the relevant accounting entries.

How RSM can help

Our team has the experience and expertise to:

  • help you understand the impact of implementation on your group reporting; and
  • identify, collate and analyse the data required to help you determine what GAAP adjustments if any, you need to make.

In addition, we can:

  • develop an implementation plan to ensure a smooth and cost-effective first year with effective onward capabilities;
  • assess whether your existing systems will be able to cope with the implementation of the new standard and advise on a selection of software vendors and solutions;
  • establish an appropriate business process and system of internal control;
  • provide incremental borrowing rate valuation support; and
  • assess the impact of any modifications to the lease terms and how they will be accounted for.

For further information please contact Nicola Whitmarsh, or your usual RSM contact.

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