After a couple of FASB deferrals, ASC 842 lease accounting standard is now effective January 1, 2022, for years beginning after December 15, 2021. That means nearly all calendar year companies will have an impact on their 2022 financial statements. We are pleased to empower growth of your organization through several content pieces exploring the implementation of ASC 842. Refresh your memory with our previously published articles as summarized below, and register to join us virtually at our next Restaurant MasterClass webinar being held on June 9th, designed to explore the implementation of the new lease accounting standard for US GAAP financial reporting.
There are many nuances to the lease standard; therefore, working with a professional such as a CPA provides another resource for technical knowledge and know-how. Now is the best time to get started on the implementation. We would not recommend waiting until the end of your year to start this implementation as it does take time, especially for the restaurant industry. If you would like to talk through your approach, your GBQ team is here for you.