ASC 842 Implementation

VIP SOLUTIONS CASE STUDY

Software & Technology

INDUSTRY

1,000

EMPLOYEES

$50M

ANNUAL REVENUE

BACKGROUND

Our client needed immediate support implementing ASC 842 lease accounting to prepare for an upcoming audit. We quickly deployed resources to implement the new accounting standard and prepare all necessary documentation for audit.

OBJECTIVES

  • Implement ASC 842 in Excel in anticipation of upcoming audit

SOLUTIONS

  • Confirmed the population of leases
  • Reviewed locational leases for validity and accuracy
  • Reviewed the general ledger detail for potential missing leases
  • Determined and added leases for reconciliation
  • Submitted template to JE upload for Workday
  • Documented process and drafted audit memo

Created a roll-forward reconciliation process and supported the audit with documentation.

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