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Checklist | 90 Days Until the IFRS 16 Lease Accounting Deadline

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90-Day Countdown Checklist

For the New Lease Accounting Standards

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The Lease Accounting 90 Day Checklist

If your deadline for the new lease accounting standards is less than 90 days away, chances are widespread panic is beginning to set in. Most companies are behind schedule either because they underestimated the level of complexity associated with adoption or because of the ripple effects of delays in related projects such as revenue recognition. To help companies in their final transition efforts, LeaseAccelerator prepared a list of the 90 Things Lease Accounting Teams Need to Do in the 90 Days Before the Deadline.

Accounting Strategy

Have you finalised all of your accounting policy documents, practical expedient elections, and transition strategies?

Test Planning

Have you tested all the variations of lease payments, terms, and clauses most common to your portfolio?

Process Changes

Have you updated your record-to-report, monthly close, and quarterly close processes?

User Training

Have you trained all the lease administrators and accountants that will be using the system?

Centers of Excellence

Have you fully staffed, trained, and enabled the accountants in your center of excellence?

Policies and Controls

Have you instituted the new controls needed to satisfy financial audits?

Systems Updates

Have you provisioned user accounts, configured reports, and validated accounting outputs?

Audit Committee

Have you updated the CEO, CFO, and audit committee on risks and issues?

Data Collection

Have you finished cleansing, reconciling, and uploading your leasing data?

Disclosures

Have you identified required disclosures for your annual and quarterly filings?

Checklist | 90 Days Until the Lease Accounting Deadline

By | Apps

90-Day Countdown Checklist

For the New Lease Accounting Standards

90 Day Countdown Checklist

Download Now

Get Access to the Checklist

The Lease Accounting 90 Day Checklist Includes

If your deadline for the new lease accounting standards is less than 90 days away, chances are widespread panic is beginning to set in. Most companies are behind schedule either because they underestimated the level of complexity associated with adoption or because of the ripple effects of delays in related projects such as revenue recognition. To help companies in their final transition efforts, LeaseAccelerator prepared a list of the 90 Things Lease Accounting Teams Need to Do in the 90 Days Before the Deadline.

Accounting Strategy

Have you finalized all of your accounting policy documents, practical expedient elections and transition strategies?

Test Planning

Have you tested all the variations of lease payments, terms, and clauses most common to your portfolio?

Process Changes

Have you updated your record-to-report, monthly and quarterly close processes?

User Training

Have you trained all the lease administrators and accountants that will be using the system?

Centers of Excellence

Have you fully staffed, trained, and enabled the accountants in your center of excellence?

Policies and Controls

Have you instituted the new controls needed to satisfy financial and SOX audits?

Systems Updates

Have you provisioned user accounts, configured reports, and validated accounting outputs?

Audit Committee

Have you updated the CEO, CFO, and audit committee on risks and issues?

Data Collection

Have you finished cleansing, reconciling, and uploading your leasing data?

Disclosures

Have you identified required disclosures for your annual and quarterly filings?

Checklist | Countdown to IFRS 16

By | Apps

The deadlines for the new lease accounting standards are now less than 90 days away and widespread panic is beginning to set in. To help companies in their final transition efforts, LeaseAccelerator prepared a Final 90-day Checklist for the Countdown to IFRS 16.

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Checklist | 100 Data Fields to Collect for Your Lease Accounting Project

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100 Data Fields to Collect

For Your Lease Accounting Project

100 lease accounting data fields to collect

The new accounting standards, ASC 842 and IFRS 16, require leases to be tracked at the asset level. That means collecting a lot of data fields from different leasing documents that could be scattered in spreadsheets, systems, and file cabinets throughout the organization. If you’re overwhelmed by the amount of data you need to collect, this document is a great place to start. It lists 100 lease accounting data fields that you need to collect from your leases.

What’s Included

Know What to Collect

  • Payment related fields: base rent payment, quantity, repayment mode, and more
  • Expense related fields: CAMs charges, initial direct costs, late payment fees, and more
  • End-of-term related fields: Options, end-of-term plans, early termination fee, and more

For Each Data Field Learn:

  • Learn the definition of the field
  • Learn why it’s important for lease accounting
  • Fill out which leasing document it can be found in

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Checklist | Lease Administration Software Vendor Comparison

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Download this Vendor Comparison Checklist for Lease Administration Software. It includes all the key requirements for both real estate and equipment including leasing database, critical date management, lease versus buy analysis and competitive sourcing. Downloadable in an editable Microsoft Word document that you can customize and use to rank/compare vendors.

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Checklist | Lease Accounting Software Vendor Comparison

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Download this Vendor Comparison Checklist for Lease Accounting Software. It includes all the key requirements for an enterprise-class solution including lease classification, policy elections and judgments; financial disclosures, management and responsibility center accounting. Downloadable in an editable Microsoft Word document that you can customize and use to rank/compare vendors.

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Prep Materials | Lease Accounting Project Manager – Sample Job Description

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Sample Lease Accounting Project Manager Job Description

Lease Accounting Project Manager Sample Job Description

Excerpt – Sample Job Description

Lease Accounting Project Manager

The Project Manager is a new role created to lead the implementation of FASB’s new lease accounting standards across ACME Inc’s <Your Company Name>’ business. The 12-to-18- month project will need to be completed in advance of December 31st, 2018 <insert your deadline> to ensure ACME <Your Company Name> complies with SEC deadlines.

ACME <Your Company Name> currently has $100M <insert your number> of capital leases and $300M <insert your number> of operating lease obligations which consist of real estate, manufacturing equipment, shipping containers, office furniture, data center technology, and various types of vehicles <insert your list of lease asset types>.

Also Check Out

Learn what questions to ask the vendors about their lease accounting software to determine if it really works.

This customizable project plan can be used to guide your lease accounting implementation project so you meet the deadline.

This customizable budget worksheet includes all the key line items for incremental and external costs for the lease accounting project.