Are you ahead of schedule or behind schedule on your ASC 842 lease accounting project? Benchmark yourself against your peers by reviewing our 2017 Progress Report, published on the one-year anniversary of FASB’s new leasing standard. Over 250 finance professionals provided their progress on key tasks such as resource staffing, budget approval, data collection and software selection.
Read IDC’s Market Spotlight report on the new Enterprise Lease Accounting Software Market. This IDC Market Spotlight examines the ramifications of IFRS 16 and ASC 842 on companies. The paper also looks at the role of lease accounting software in meeting these strategically important business process and financial statement reporting requirements.
Authored by PWC, this white paper explains the complex world of equipment leasing including the key organizational, process and systems challenges associated with managing assets such as airplanes, medical devices and construction equipment to furniture, laptops and printers. Equipment Lease Management Platforms (ELMP) can not only help you comply with the New Lease Accounting Standards but can lead to significant operational efficiency as well.
This Lease Accounting Software Evaluation Guide is designed to help you identify the critical requirements for software selection, whether you are simply seeking a Lease Accounting application or tackling the broader issue of Real Estate and Equipment lease administration as well.
FASB Lease Accounting Budget
The Five Big Line Items to Include in Your Budget Estimate
Understand the Key Project Costs:
- Business Process Assessment and Planning
- Lease Accounting and Administration Software
- Software Implementation, Testing and Training
- Data Collection and Upload
- Project Management
The Guide also includes:
- Explanation of each line item
- Rationale for the investment
- Advice on how to estimate
Get Access to the eBook
A key factor in the success of your lease accounting initiative will be to properly budget for the incremental resources and costs needed to successfully complete the project and meet the new compliance standard. Most companies will need to purchase a specialized lease accounting software application. They will also need to get help from outside consultants to implement the software – especially with collecting and populating all the necessary lease data. Creating your FASB Lease Accounting Budget will be challenging as there are few, if any, external benchmarks available to use as a foundation for your assumptions and estimates. The lease accounting standards are new and no large companies have fully implemented them yet.
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Learn the 15 Critical Success Factors for Equipment Leasing. Learn how to standardize your lease versus buy analysis; how to competitively source financing; and proactively manage your end of term. By applying these industry best practices you can save millions.