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Lease Accounting 2018 – Our 10 Favorite Articles of the Year

By | Blog

There were an overwhelming number of articles covering the new standards published in 2018. We reviewed hundreds of articles published in journals, blog posts, and big audit firm guides to hand pick the 10 best articles of the year. These guides can offer some last minute guidance for public company filers and help private companies get started on their implementations the right way.

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What to Do for Day 2

By | Blog

So far, the focus of most companies adopting the new standards has been on achieving compliance by Day 1. This includes gathering all of the necessary lease data and uploading it into a system of record so that each lease can be reported as a right-of-use asset and liability on the balance sheet. However, at this stage in the process, with the deadline only a couple of months away for many companies, it’s critical to consider how your company will maintain compliance past the deadline.

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90 Day Countdown Checklist

90 Things to Do Before the Lease Accounting Deadline

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The initial deadlines for the new lease accounting standards are now less than 90 days away and 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.

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Top 10 Must Reads on the New Lease Accounting Standards

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There are now over 12,000 pages of documentation about the new ASC 842 and IFRS 16 lease accounting standards. In fact, there is so much documentation available that the choice of deciding which ones to read can be overwhelming. To narrow down what’s worth reading, we asked our technical accounting experts at LeaseAccelerator which documents they find most useful on various aspects of the standard.

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First Lease Accounting Audit Article

Five Strategies to Ensure Completeness of Your Lease Population

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What items will external auditors be focused on after the implementation deadline for lease accounting? There has been little guidance published by the big four firms yet. However, one topic that is raised by auditors at almost every lease accounting conference is the importance of completeness. Specifically, how do you know that you have identified a complete population of all the leases across your enterprise?

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Tracking lease renewals

Tracking Lease Renewals and End of Term

By | Blog

Each year hundreds, if not thousands, of assets will come off lease. Some leases will be renewed. Equipment assets may be returned or purchased. Real estate leases could be expanded, contracted or terminated. Some of these changes such as moving out of your corporate headquarters building will have high levels of visibility. But others such as swapping out photocopiers in the Singapore office will not. Have you considered what process you will use for tracking lease renewals and other end of term events?

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