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Expert Guide | How to Get Started with AASB 16

By | Guides

How to Get Started with Lease Accounting

A Financial Controller’s Guide to the First 90 Days of the AASB 16 Project

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Help Navigate the First 90 Days

  • Understand the Biggest Technical Accounting Challenges
  • Assess your Existing Systems, Processes, and Controls
  • Take an Enterprise-Wide Census of Your Leases

Answer the Key Questions

  • Who to Include on the Project Team
  • How Long Implementation Will Take
  • How to Budget for the Project

The First 90 Days

The end goal of the new lease accounting standards is to provide investors with more transparency around your leasing contracts. Operating leases, which have historically been off- balance sheet will now be treated as assets and liabilities on the balance sheet under AASB and IFRS 16. Operating leases represent the majority of leases for 93% of companies.

The challenges with these new standards should not be underestimated. In fact, some have called the new leasing standards the “biggest accounting change ever.” The International Accounting Standards Board estimates that over $2 Trillion in liabilities will move onto corporate balance sheets during this transition.

Expert Guide | Lease Accounting Software Evaluation for AASB 16

By | Guides

Learn What to Look for in a Lease Accounting and Administration Solution

Lease Accounting Software Evaluation Guide

The guide outlines key features to consider, including:

  • Global Lease Accounting Engine and Lease Accounting Subledger
  • Compliance with AASB 16 and IFRS 16 Financial Disclosures
  • Responsibility and Management Accounting
  • Equipment Competitive Sourcing and End-of-Term Management
  • Real Estate Lease Administration and Spend Analysis
  • Lease Data Abstraction Technology
  • Cloud and Behind-the-Firewall Deployment Options
  • Information Security
  • General Ledger Integration and APIs

About the LeaseAccelerator Solution

The LeaseAccelerator Enterprise Lease Accounting solution was designed to work with the IFRS 16 and AASB 16 lease accounting standards standards as well as the ASC 842 standard in the United States. The lease accounting software fully supports equipment and real estate lease types, as well as embedded leases. A few of the other features of the LeaseAccelerator lease accounting software are:

  • Global Lease Accounting Engine: Captures all data about each lease, from economic life and depreciation terms to end-of-term options and base and variable rents.
  • Asset-Level Subledger: Asset-level lease accounting is required under the new lease accounting standards.
  • Journal Entries and Disclosures: Quickly generates everything you need for your quarterly and annual reports.
  • Reconciliation and Roll-Forward Reporting: These control reports automatically compare data to find discrepancies before your auditor does.
  • Integration Capability: Integrate LeaseAccelerator with ERP systems, including SAP and Oracle, as well as real estate administration, asset management, and accounts payable applications.

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Expert Guide | 5 Keys to Success with Your Implementation Project

By | Guides

This guide reviews the five keys to success with your lease accounting project. Planning for these steps at the start will increase your project speed and reduce your chances of having to repeat a project phase later.

Also Check Out

Accelerate Your Lease Accounting Project eBook

By applying one or more of these techniques, you may be able to shave weeks, if not months, from your timeline.

Lease Accounting Software Evaluation Guide

The Evaluation Guide includes a comprehensive checklist of features for real estate and equipment lease accounting and administration.

How to Get Started with Your Lease Accounting Project

Understand the key risks and challenges of the lease accounting implementation, how to budget, and how to estimate the implementation time frame.

Transition Accounting eBook

Transition Accounting eBook

By | Accounting, Guides

With the deadlines for the new lease accounting standards approaching quickly, many companies are asking how software can help automate the tasks required for the transition period. US GAAP filers adopting ASC 842 will be required to provide three years of comparative reporting.

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