Lessons learned lease accounting

Lease Accounting Lessons Learned

By | Blog

In a few days we will have reached the midway point between the date FASB published the ASC 842 standard (and the first implementation date. Most companies adopting the new standard have not reached the midway point in their own implementations. However, there are a number of early movers who have made significant progress in the transition, which begs the question – what are the lessons learned so far?

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where to find your lease agreeements

Where to Find Your Lease Agreements

By | Blog

It’s National Scavenger Hunt day! And many accounting organizations are in the midst of a scavenger hunt of their own. Not just today, but all year-long accounting teams will be searching through file shares, document repositories and enterprise applications for copies of their leasing contracts. Below is a list of 15 recommendations on where to find your lease agreements.

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Five Ways to Save by Automating Your Lease Accounting Process

Lease Accounting Software Cost Savings

By | Blog

With the implementation deadlines for the new lease accounting standards approaching in the coming years, many Controllers and accounting organizations are considering Lease Accounting Software. At some companies, the business justification for investing in a specialized software application is straightforward. Developing the systems, processes and controls to support major accounting changes is viewed simply as a “cost of doing business.” But at a number of other companies we have spoken to, there may be a need to provide a more detailed business case to support the investment.

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Five Biggest Mistakes Companies Make Collecting Lease Accounting Data

Collecting Lease Accounting Data

By | Blog

With the deadline for the new lease accounting standards getting closer more and more companies are beginning the process of collecting data needed for the transition. At first glance, the process to collect lease accounting data seems straightforward. Read each of the lease contracts and extract key terms such as base and variable rent; payment frequency and timing; and end-of-term options. But before you jump head-first into reading contracts, we would recommend taking a few minutes to understand the common pitfalls and mistakes that other companies have made collecting lease accounting data.

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