LEASE ACCOUNTING (ASC 842) COMPLIANCE CHECKLIST 2026

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--- LEASE IDENTIFICATION & SCOPE ASSESSMENT ---
[ ] Contract Reference ID
[ ] Lease Type Classification (Operating Lease, Finance Lease, Short-term Lease (<= 12 months))
[ ] Lease Commencement Date
[ ] Lease Expiration Date
[ ] Embedded Lease Indicators Found (Equipment Rental, Real Estate Component, Software Licensing, Vehicle/Fleet Agreement)
[ ] Original Lease Agreement (PDF)
[ ] Scope Assessment Notes & Findings
[ ] Reviewer Approval Signature

--- LEASE CLASSIFICATION & TERM DETERMINATION ---
[ ] Lease Classification Type (Operating Lease, Finance Lease)
[ ] Lease Commencement Date
[ ] Lease Expiration Date
[ ] Estimated Lease Term (Months)
[ ] Embedded Lease Indicators Present (Purchase Option, Renewal Option, Termination Clause, Service Component)
[ ] Basis for Determining Lease Term
[ ] Supporting Lease Agreement Documentation

--- DISCOUNT RATE & INCREMENTAL BORROWING RATE (IBR) VALIDATION ---
[ ] Date of Lease Commencement or Modification
[ ] Applied Incremental Borrowing Rate (IBR) Percentage
[ ] Discount Rate Source Type (Implicit Rate in Lease, Incremental Borrowing Rate (IBR), External Market Benchmark)
[ ] Basis for Determining the Increable Borrowing Rate
[ ] Supporting Documentation (e.g., Bank Rate Quotes or Credit Agreement)
[ ] Controller Approval of Rate Application

--- LEASE LIABILITY & RIGHT-OF-USE (ROU) ASSET CALCULATION ---
[ ] Lease Commencement Date
[ ] Present Value of Lease Payments
[ ] Initial Direct Costs Incurred
[ ] Lease Classification (Operating Lease, Finance Lease)
[ ] Incremental Borrowing Rate (IBR) Applied
[ ] Amortization Schedule Supporting Document
[ ] Reviewer Approval Signature

--- LEASE MODIFICATION & REASSESSMENT REVIEW ---
[ ] Modification or Reassessment Date
[ ] Type of Lease Event (Lease Modification, Lease Term Extension/Termination, Change in Lease Payment Terms, Change in Lease Incentive, Reassessment of Renewal Option)
[ ] Description of Modification/Event
[ ] Adjustment Amount to Lease Liability
[ ] Supporting Amendment Documentation
[ ] Controller Approval Signature

--- MONTHLY ACCOUNTING & JOURNAL ENTRY VERIFICATION ---
[ ] Accounting Period End Date
[ ] Total Lease Amortization Amount Verified
[ ] Total Interest Expense Amount Verified
[ ] Lease Type Reconciliation Status (Fully Reconciled, Discrepancy Identified, Pending Investigation)
[ ] Supporting Journal Entry Documentation
[ ] Controller Approval Signature
[ ] Notes on Identified Discrepancies or Adjustments

--- DISCLOSURE & FINANCIAL STATEMENT REPORTING ---
[ ] Reporting Period End Date
[ ] Lease Type Disclosure Category (Operating Lease, Finance Lease)
[ ] Weighted-Average Lease Term (Months)
[ ] Weighted-Average Discount Rate (%)
[ ] Qualitative Disclosure Notes
[ ] Final Disclosure Report PDF
[ ] Controller Approval Signature

--- DATA INTEGRITY & SOFTWARE RECONCILIATION ---
[ ] Reconciliation Completion Date
[ ] Sub-ledger Account Reference Number
[ ] Total Variance Amount Identified
[ ] Reconciliation Status (Matched, Discrepancy Found, Pending Investigation)
[ ] Discrepancy Investigation Notes
[ ] GL to Lease Sub-ledger Reconciliation Report
[ ] Controller Approval Signature

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