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.
Few companies have given significant consideration to the processes required for maintaining lease accounting data on Day Two and beyond. How will you ensure that your lease accounting system is kept current with the most accurate, complete, and up-to-date information about leases?
Success with your ASC 842/IFRS 16 project will require you to keep your leasing information accurate, complete, and up-to-date. Learn which systems you will need to source data from to identify new leases and track changes to existing contracts. Understand which downstream systems need lease accounting information, such as journal entries and depreciation expenses.