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A new lease accounting standard (ASC 842) became effective for calendar year-end privately-held businesses as of January 1, 2022. Adoption of the standard can have a significant impact on financial statements, accounting policies and procedures, and internal controls. This report covers lessons learned from public companies adoption of the standard,

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU eliminates the recognition and measurement guidance related to troubled debt restructurings (TDR) for creditors that have adopted Accounting Standards Codification (ASC) Topic