A Quick Guide to ASC 842 Lease Accounting Standards for Nonprofits
What You Need to Know About This New Accounting Standard and How to Prepare for It
For nonprofits, accounting for your leased office space or printer was often just a footnote to your financial statements, quite literally, if they were even mentioned at all. In an effort to get a clearer picture into the financial health of organizations, the Financial Accounting Standards Board (FASB) issued an update to ASC 840 that specifically addresses leases and goes into effect this fiscal year.
In this quick guide, you will get the basics of what you need to know about ASC 842 so you can stay compliant with the new regulation. Download the guide to learn:
What organizations this regulation applies to
How this regulation applies to both lessees and lessors
What questions you need to ask your tax, legal, and accounting advisors
You’ll also get a checklist to help you prepare for implementing ASC 842 at your organization.