Free ASC 842 Lease Accounting Summary

ASC 842 compliance turned every operating lease into a balance-sheet entry. Controllers and audit teams now need to extract, for every lease, the commencement and expiration dates, base payment, every payment escalation clause, every renewal option, every early termination provision, and a defensible operating-vs-finance classification. A typical commercial real estate lease runs 30 to 60 pages; equipment leases run 8 to 15. Reading them by hand at month-end close costs hours per lease and risks transcription errors when 60+ leases hit the schedule.

This tool reads a lease PDF and produces the ASC 842 summary in structured form: parties, asset, term, payments, escalation language, renewal options, termination provisions, and a proposed classification with reasoning. It also produces a rough present-value estimate of the ROU asset using a default 6% discount rate. This estimate is informational only and should never be posted directly. Your lease accounting platform (LeaseQuery, Visual Lease, NetLease, NetSuite, EZLease) still owns the official schedule, journal entries, and audit trail.

For audit prep, the structured output gives you a working paper that shows what was extracted vs what the source said. For onboarding a new lease into your platform, you skip the manual transcription step. For batch processing across an entire lease portfolio at year-end, create a free Eudoxic workspace. Extracted fields land in a single grid you can export as one CSV.

Common use cases

• Quarterly lease modifications: pull the renegotiated terms out of an amended lease in seconds
• Year-end audit prep: produce a structured summary of every non-cancellable lease for your auditors
• Lease classification check: get an AI second opinion on operating-vs-finance for borderline leases
• M&A diligence: read every lease in a target's portfolio for term, payments, and assignment provisions