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here are my top five AC 842 survival tips number one find all of your leases under ASC 842 operating leases now have to be on your balance sheet so inspecting all contracts and looking for embedded leases within contracts is your first step just because a contract does not say the word lease does not mean it is not a lease number two develop lease accounting policies before diving into lease abstraction developing accounting policies early in your lease accounting compliance Journey helps direct what information you focus on when youamp;#39;re reviewing your lease portfolio number three abstract and organize all of your leases organizing all relevant leasing information to ensure anyone who needs the information can access It On Demand stakeholders like your Auditoramp;#39;s controller or real estate teams will need access to critical these data like financials reports and clauses number four build sustainable processes created cross-departmental implementation team to support the le
