Are you prepared for the new lease accounting rules? Test your knowledge with this quiz.

With new lease accounting rules on the horizon, are you prepared? Test your knowledge with these 11 yes-or-no questions. When you submit your answers below, you'll see your score. View a detailed explanation for each answer and an analysis of your score at

* 1. Doesn’t my organization have plenty of time to prepare for the new lease accounting guidance, which doesn’t take effect until Dec. 15, 2018, for public companies and Dec. 15, 2019, for private companies?

* 2. Is it true that about half of companies that have begun implementation say it is taking less effort than expected?

* 3. Will the new rules be implemented retroactively?

* 4. Is transitioning to the new lease accounting standard the concern solely of a company’s accounting department?

* 5. Should companies inventory their leases during the transition?

* 6. Will companies need additional technology for compliance with ASC 842?

* 7. Will the new rules have an impact on a company’s profit and loss (P&L), or income statement?

* 8. Will having leases on balance sheet under the new lease accounting standard impact a company’s ability to borrow capital?

* 9. Are there still benefits to leasing equipment under the new rules?

* 10. Is there an accounting benefit to choosing leasing over borrowing to acquire equipment under the new standard?

* 11. Is it difficult to find information and resources on transitioning to ASC 842?

* 12. Does Topic 842 change the accounting for equipment sale-leaseback transactions?

* 13. Where can I learn more about this topic?

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