At NLA, we do not think the pandemic is an excuse to lose control of expenses. Property managers owe it to their tenants to control the year-over-year costs.
With many companies in cost-savings mode and fighting to get through this COVID-19 recession, there has never been a better time to review and validate operating expense charges for accuracy and ensure they comply with the lease. The process is simple, the savings can be significant, and tenants have nothing to lose by practicing this exercise.
Welcome to the first in a series of articles to help companies prepare for the challenges of adopting the new ASC 842 accounting standard. In this post, I explain why it takes a team approach and give my thoughts on who should participate based on my past experience.
Every private company in the United States that prepares financial statements according to GAAP standards must adopt the new ASC 842 lease accounting standard. Here’s what you need to know before you get started.