Leasing eBook: Accelerating Compliance with New Lease Accounting Standards
In 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new standards for lease accounting: IFRS 16 & ASC 842, which must be implemented by 2019. Both IFRS 16 and ASC 842 are the result of a joint effort between the IASB and FASB to meet the objective of improved transparency, comparability and financial reporting. These changes will impact virtually all companies, whether lessors or lessees. In addition to presenting a new set of challenges that need to be addressed, the changes in lease accounting also offer an excellent opportunity for companies to make major improvements in their end-to-end lease management practices.
All companies, whether lessors, lessees or both, need to leverage the process of changing their lease management methodologies. This will allow them to gain better visibility of their lease portfolios, streamline the process of lease management and reduce overall costs. When putting together your compliance plans for ASC 842 and IFRS 16, it is important to understand that solutions for real estate leases vs. equipment leases require very different features and capabilities. Although the compliance requirements specified in the new standards apply to both real estate and equipment leases, the processes for managing and accounting for leases need purpose-built solutions.
This eBook provides a focused discussion on how companies can prepare for ASC 842 and IFRS 16 using a comprehensive approach that improves efficiency, saves money, reduces risk and assures compliance with the new accounting standards also if you want to know what are Five Key Elements that a Leasing Solution Must Include, download our eBook or view here.
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