Lease Accounting Services

Now that the new lease accounting requirements are in place, Insero’s team of experts can help you improve efficiency and processes while staying in compliance with our Outsource Lease Accounting Services.

How can Insero help? We can...

  • Be your Outsource Lease Accountant – utilize our staff and software to track your leases and provide ASC 842/GASB 87 compliant reporting
  • Identify and implement the right software solution
    • Review your requirements and needs (number of leases, complexity) to evaluate and choose the right system option
    • Assist with system implementation
  • Help you structure and implement an ongoing asset impairment process
  • Assist with complex lease transactions including
    • Built-to-suit
    • Sale leaseback
    • Lease terminations
    • Lease modifications
  • Draft financial statement disclosures

Contact your client service partner or fill out the form below to discuss your current situation and lease accounting needs.

Contact Us

Haven't implemented yet? It's not too late! We can...

  • Assist with creating an inventory of all “leases”
    • Review and evaluate contracts
    • Document the evaluation of lease versus non-lease under ASC 842
    • Abstract key lease terms
  • Calculate day 1 impact and journal entries required
  • Assist with evaluating the impact to ratios and bank covenants
  • Document implementation for auditors

Contact your client service partner or fill out the form below to discuss your current situation and lease accounting needs.

Contact Us

Resources

ASC 842, the new lease accounting standard, is effective for private companies with years beginning after December 15, 2021 (calendar year 2022). GASB 87 is effective for government agencies for years beginning after June 15, 2021. All leases will now be on your balance sheet which could impact financial metrics and debt covenants. This can also result in a more complex monthly accounting process.

Other implications of ASC 842 include:

Modification and reassessment guidance is more complex and lease valuation can be impacted by leasehold improvements

Contracts not traditionally thought of as a lease are considered a lease under ASC 842

Impacts long lived asset impairment reviews

Accounting requirements can exceed the capabilities of Excel, requiring new software

Contact Us

Have a question or want to discuss your needs? Get in touch – we’re here to help.

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