Chris Schwenk,
Manager, Harding Shymanski & Co PSC
Andrea Strange,
Vice President, Harding Shymanski & Company PSC
Topic 842, which was effective January 1, 2022 for private companies, requires lessees to record nearly all leases on the balance sheet. We will discuss implementation of the standard, as well as what you can expect post implementation and the potential impact to financial reporting and income taxes.