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In this episode, John Scott, Senior Technical Accounting Adviser at Bramasol, shares insights of ASC 842 that applies to private companies and key issues that need to be addressed in order to succeed.
A lot of the focus in the past for ASC 842 has been on public companies, but in 2020 its now becoming private companies turn in the barrel. John Scott who has a deep understanding of these issues, provides an excellent overview of what private companies should be doing now.
Key topics discussed in the podcast include:
- All the necessary steps for a smooth and successful transition to ASC 842
- Why the assessment is really the key phase in Implementation?
- The scope and scale of challenges around the number of leases
- Policy construction
- Time to start putting together an implementation strategy
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