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In the last few years, Workday Financial Management has adapted to recent changes in lease accounting requirements. This article explains the implications of these changes and how you can stay in compliance using Workday’s updated configuration.
The Financial Accounting Standards Board (FASB) introduced new accounting standards that supersede the nearly 40-year-old ASC 840 accounting standards for how to report on operating leases. Prior to ASC 842, operating leases were permitted to be reported only in footnotes in corporate financial statements or off-balance sheet operating leases. ASC 842 closed this long-standing loophole, which brings more transparent financial reporting for both public and private companies.
ASC 842 took effect for public companies in 2018 and the new lease accounting standard is scheduled to take effect for private companies and private not-for-profit companies on December 15, 2020.
for the initial recognition entry and expense recognition installments
used by initial recognition entry for indirect costs, lessor incentives and prepaid lease payment as well as the supplier invoice installment
for the expense recognition installment to reclassify the ongoing expense automatically
leveraged by initial recognition, expense recognition installments and supplier invoice installments