Internal Audit, Risk, Business & Technology Consulting FASB’s new lease accounting guidance (ASC Topic 842), issued on February 25, 2016, requires organizations to recognize lease assets and liabilities on the balance sheet and disclose key information on lease transactions. For most companies with leased assets, the change significantly affects financial reporting. Companies must obtain key information through lease abstraction and populate a data template with that information to simplify the lease accounting process. The new standard changes the type of information required and includes details not typically held in accounting systems, so accounting departments will have to manually review leases to gather the required data elements. A leading manufacturer of heating, ventilatio

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