Making a Seamless Move to FASB ASC 842 Audits
When the calendar flipped from 2021 to 2022, your private company didn’t only enter yet another year. Instead, it entered when the latest Financial Accounting Standards Board (FASB) ASC 842 compliance standards went into effect. As such, you and your team will be expected to update your accounting processes or risk the frustration and expense of noncompliance during your next internal or external audit. An overview of FASB ASC 842Not quite familiar with the purpose of the FASB ASC 842 lease accounting standards? They replace the former ASC 840 lease accounting standards that have been intact f...