Questions ASC 842 Rules
I am currently working with our CFO and I was wondering if anybody else familiar with the new ASC 842 adoption that is to take place.
This is Accounting Standards Codification 842 – Leases (ASC 842) is required to be adopted by private companies for fiscal years beginning after December 15, 2021. Entities will be required to recognize and measure leases at the beginning of the earliest period presented, using a modified retrospective approach.
We have been looking at a 3rd party software that will integrate with Acumatica for this functionality but wondered if anybody else knows if this is on Acumatica Radar and/or do you believe it will become a standard component of Acumatica like Fixed Assets or do you think Acumatica will rely on 3rd party companies to develop this and it will be sold as a separate product from Acumatica?
I know we are looking at a vendor currently who has built an API into Acumatica so they are doing some integration but hesitant to sign something long term if this is going to be on Acumatica's roadmap.
Following. Likewise, we are implementing ASC 842 here at YE to get 2022 in order ... we only have <10 operating leases so we are planning to handle it outside of Acumatica, but would be interested in hearing from anyone that has had success setting up in Acumatica or used any 3rd party applications.
Is LeaseQuery the third party that you are looking at?