Does your business or your clients lease warehouse space, equipment, or vehicles? Do you or your clients have service contracts, supply agreements, or contract manufacturing arrangements? If so, you are likely to be impacted by the effects of the upcoming implementation of the new lease standard, ASC 842. After being delayed for a year, the standard is now effective for all non-public business entities for reporting periods beginning after December 15, 2021. Manufacturing companies, in particular, face some significant challenges in implementing the standard, given the volume and diversity of leased assets in the industry.