Countdown to ASC 842 Readiness
The new lease accounting standard, ASC 842, is one of the most overhauled compliance standards to come from the Financial Accounting Standards Board (FASB) in years. The standard impacts organizations across multiple industries that have any type of leases and issue any type of financial statement under (GAAP). Most importantly, the new standard must be implemented by the end of 2022… only a few short months remain to be compliant.
Our lease accounting experts can help your business with all your ASC 842 needs such as accumulating required data, developing and implementing processes & controls and identifying tools to improve accuracy and efficiency. Our two-part podcast series, “Countdown to ASC 842 Readiness”, will assist your business in getting started with implementation, or help “mid” implementation, if you are running into stumbling blocks.
Patrick has nearly 20 years of combined experience in public accounting and industry. As Director, Managed Services, Patrick is leading the growth and development of the franchise niche within Managed Services.
In addition to his growing franchise industry experience, Patrick’s previous position in industry provided insight to managing multiple entities, strengthening client relationships, owning trial balances, and related tax compliance work.
Patrick strives to provide A to Z accounting services for franchisees, which allows the owner/operator to spend their time on more strategic work within their organizations. Patrick gives that time back to clients by delivering timely management reports, valuable insights on changes within their organization, as well as relevant insights on changes within the industry and, more specifically, the franchise brand.
Clients appreciate Patrick’s in-depth knowledge of his profession, his responsiveness, and his proactive approach to problem solving.
Michael Cullum is a member of the firm’s Construction & Real Estate group and concentrates the majority of his year serving construction contractors. Michael’s experience also includes leadership of all aspects of client service for audits, reviews, compilations and agreed upon procedures for Construction & Real Estate organizations. He is also experienced in working with commercial services organizations.
Michael is a graduate of University of Cincinnati, where he was a member of the Carl H. Lindner Honors PLUS program, and is a Certified Public Accountant.
4 Steps to Implementing the New Lease Accounting Standard
Accounting Standard ASC 842 Impacts on Debt Covenants and Capital Requirements
Consequences of Not Being Proactive on Lease Accounting Standard ASC 842
Benefits of Using a Lease Management Software Tool to Implement ASC 842