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The long-awaited change to the lease accounting standard ASU 2016-02, Leases (ASC 842) is now effective for privately-held transportation companies. As the first major update to lease accounting in 40 years, implementation presents a significant challenge for many transportation companies who lease tractors, trailers, real estate and other assets. Fortunately, the implementation of the new lease standard by public companies provides an opportunity for private transportation companies to understand how to prepare and understand the challenges encountered throughout the process. Here are five lessons learned that could help private trucking companies.