Performed adoption of new lease guidance ASC 842 for public company

Performed adoption of new lease guidance ASC 842 for public company

We performed full adoption of new lease guidance ASC 842 for public company with approximately 175 leases, including the following elements:

  • Data extraction and assessment of all non-standard lease terms
  • Implementation of lease accounting software, including independent recalculation
  • Determination of the appropriate incremental borrowing rate
  • Derecognition of the built-to-suit lease portfolio and determination of new lease classifications
  • Comprehensive evaluation of contracts to identify embedded leases

We provided the journal entries required to record the right-of-use assets and lease liabilities, accounting documentation to support their completeness and accuracy, and a comprehensive memo outlining the considerations and conclusions. We also drafted new disclosures required by the standard and worked with management to assess the new key controls required for Sarbanes-Oxley (SOX) compliance. 

Note: This work was performed prior to joining Stout.