ValuD: Five steps to FASB and IASB lease accounting readiness

Lease Accounting has been a pretty active buzzword lately thanks to FASB/IASB’s new leasing standards released earlier this year. The corporate world has started the necessary changes in their leasing contracts and accounting practices to adhere to these new norms which will become applicable starting in 2019.

It might sound safely distant in the future, but companies will be required to provide three years of income statements and two years of balance sheet comparable. To be compliant in time, it is crucial for you to get your plan in place and work towards fulfilling the requirements as laid down in the new standards.

With companies reporting early estimates that it may take months for the lease location process, it’s understandable how the thought of starting your readiness plan can be overwhelming. To help ease the pain, our lease accounting experts have put together a simple five step plan to help tackle the daunting task ahead of you.

  • 1. Account for your assets…
  • 2. Form a team…
  • 3. Understand your current lease portfolio…
  • 4. Revisit and re-negotiate lease agreements…
  • 5. Make compliance a priority…

This is where applications like IBM TRIRIGA, an integrated workplace management system, can help… identify under-performing and/or under-utilized facilities, assets, processes and resources, and can even assist you in analyzing asset conditions, assessing ROI on new facilities and ultimately prioritizing your investment decisions…

[Admin: This post is related to the 04.21.16 post about what FASB is.]

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2 thoughts on “ValuD: Five steps to FASB and IASB lease accounting readiness

  1. Pingback: ValuD: Finding the budget for FASB lease accounting | TRIRIGAFEEDIA

  2. Pingback: ValuD: How should you handle GAAP and IFRS in TRIRIGA leases? | TRIRIGAFEEDIA

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