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Published in HFS Research April 2019
Principle Analysts: Hema Santosh, Principal Analyst
HFS recognized LeaseAccelerator for its innovation in the Enterprise Lease Accounting software category, helping companies transfer billions of dollars of operating leases onto corporate balance sheets to comply with the new ASC 842 and IFRS 16 standards. Hot Vendors are selected based off of their offerings’ distinctiveness, ecosystem robustness, client impact, and financial position.
100 Data Fields to Collect
For Your Lease Accounting Project
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
Download Now
Get Access to the Guide
Learn More About the New Lease Accounting Standards
Download the most popular white papers, ebooks, and tools
Learn how to navigate the first 90 days of the implementation project, including understanding the biggest challenges and risks, collecting all the lease data, and budgeting for project expenses.
Download this New Lease Accounting Standards Handbook to understand how to comply with the upcoming FASB ASC 842 lease accounting changes while driving savings.
This evaluation guide lists the major features lease accounting and administration software should have to help companies achieve compliance with the new standards.
Lease Accounting ASC 842 Roundtable
Hosted by
Wendy’s Headquarters
1 Dave Thomas Boulevard Dublin, Ohio 43017
Thursday, November 29th from 8:30-11:45am CT
Sponsored by
Register for the Roundtable
What do you do on Day 2? Please join us for this unique opportunity to hear from other Columbus companies on lessons learned during system implementation and discuss plans for ongoing process sustainability. By attending you will gain a better understanding of this compliance effort and help your company stay a step ahead. Walk away with an understanding of the key success factors your organization should be doing now to meet the new standard, including how the implementation will impact your existing policies, procedures, systems and disclosures related to Leases.
Get Answers to the following questions:
- What transition issues and key challenges did public companies face during the implementation?
- How do I embed the new standard in ongoing processes sustainably?
- Which technical accounting issues are posing the greatest interpretation issues?
- How should we be managing our lease portfolio moving forward?
- What are industry specific impacts?
- Which lease accounting system is best for your company?
This session will be eligible for 2 CPE credits
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Yes! All registrants will receive a confirmation email within 2 business days of the live webinar with a link to a replay of the recording and a downloadable PDF of the slides.
Will a replay of the webinar be available?
Yes! All registrants will receive a confirmation email within 2 business days of the live webinar with a link to a replay of the recording and a downloadable PDF of the slides.
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You should have received an email confirmation immediately following your registration for the webinar. We also send a reminder one hour before the live session. Unfortunately, sometimes these emails get lost in spam filtering gateways and end up in your junk mail. We apologize for the inconvenience. Email us at webinars@leaseaccelerator.com if you need to get another copy of the link.
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How to Save 6%-12% On Your Equipment Lease Programs
Thursday, November 1st
2:00 pm ET | 1:00 pm CT | 11:00 am PT
Register for the Sourcing Webinar
With over 80% of U.S. companies leasing some or all their equipment, lease sourcing is a strategic component of capital management, but remains a complicated process. Comparing bids is extremely difficult and the negotiating process can be costly, tedious and time-consuming. As a result, it’s still difficult to ensure that you’re getting the optimal financing rates and contract terms.
Please join LeaseAccelerator for a live educational webinar to learn how procurement sourcing teams are using automation to save 6-12% on their equipment lease programs.
During the webinar, finance and electronic marketplace experts, Ingemar Lanevi and Bob Solomon, will lead a discussion and share real-world case studies on how companies are using a new sourcing technologies and methods to significantly reduce costs and uncover hidden savings.
You will learn how to:
- Use state-of-the art sourcing technology to streamline proposal and ranking processes
- Generate and distribute RFPs in days not weeks
- Ensure competitive bidding by engaging multiple lessors
- Standardize lease terms and conditions for “apples-to-apples” comparison
About the Presenters
Ingemar Lanevi
VP Finance & Capital Markets, LeaseAccelerator and former Fortune 500 VP and Corporate Treasurer
Bob Solomon
CEO, Software Platform Consulting, Inc. and former VP at Ariba
How to Save 6%-12% On Your Equipment Lease Programs
Thursday, November 1st
2:00 pm ET | 1:00 pm CT | 11:00 am PT
Register for the Sourcing Webinar
With over 80% of U.S. companies leasing some or all their equipment, lease sourcing is a strategic component of capital management, but remains a complicated process. Comparing bids is extremely difficult and the negotiating process can be costly, tedious and time-consuming. As a result, it’s still difficult to ensure that you’re getting the optimal financing rates and contract terms.
Please join LeaseAccelerator for a live educational webinar to learn how procurement sourcing teams are using automation to save 6-12% on their equipment lease programs.
During the webinar, finance and electronic marketplace experts, Ingemar Lanevi and Bob Solomon, will lead a discussion and share real-world case studies on how companies are using a new sourcing technologies and methods to significantly reduce costs and uncover hidden savings.
You will learn how to:
- Use state-of-the art sourcing technology to streamline proposal and ranking processes
- Generate and distribute RFPs in days not weeks
- Ensure competitive bidding by engaging multiple lessors
- Standardize lease terms and conditions for “apples-to-apples” comparison
About the Presenters
Ingemar Lanevi
VP Finance & Capital Markets, LeaseAccelerator and former Fortune 500 VP and Corporate Treasurer
Bob Solomon
CEO, Software Platform Consulting, Inc. and former VP at Ariba
A Brief History of IFRS 16
After the accounting scandals of the early 2000s, there was a major push by the accounting standards boards to close accounting loopholes and increase transparency into the true financial position of corporations. One of the loopholes identified was the operating lease loophole under IAS 17 which allowed companies to report operating leases in the footnotes of financial disclosures. In an effort to close that loophole and increase transparency, the International Accounting Standards Board (IASB) released IFRS 16 in January of 2016.
The Current Standard: IAS 17
IAS 17 Leases (1997) is the current lease accounting standard for all companies that report under international financial reporting standards. IAS 17 uses a dual model classification approach. One classification, finance leases, are capitalized on the statement of financial position as an asset and liability and reported on the profit and loss statement as an interest and depreciation expense. The other classification, operating leases, are reported in the footnotes of financial statements.
Keeping operating leases off of the balance sheet is believed to obscure the true nature of a company’s liabilities from potential investors. While major investment firms have methods to take operating lease liabilities into account, the average investor does not.
To increase transparency into corporations’ true lease liabilities, the IASB developed a new standard that eliminated the operating lease classification.
The New Standard: IFRS 16
IFRS 16 will replace IAS 17 starting on 1 January 2019. The major change from IAS 17 is that all leases will now be treated as finance leases, with exceptions for short-term and low-value leases. In other words, all leases that were treated as operating leases in the past will now be capitalized on the statement of financial position, and reported as an interest and depreciation expense on the statement of profit and loss. As a result of the change, operating leases totaling more than 2 trillion USD are expected to move onto corporate balance sheets.
For a complete timeline of the events that led up to the release of IFRS 16, read below.
Timeline: The History of Lease Accounting (IFRS 16)
1982
IAS 17 Accounting for Leases (1982) was issued with an effective date of 1 January 1984.
1996
The Group of Four Plus One (G4 + 1) which includes Australia, Canada, New Zealand, the United Kingdom, and the United States plus the IASB published a discussion paper for a converged standard for lessees which called for the elimination of operating leases.
1997
IAS 17 Leases (1997) was issued with an effective date of 1 January 1999. This superseded the previous IAS 17 Accounting for Leases, of 1984. Under IAS 17, leases had to be classified as either operating leases or finance leases. Operating leases were reported as an expense on the income statement and in the footnotes of financial disclosures. Finance leases had to be reported as an asset and liability on the statement of financial position.
2000
G4 + 1 began work on a converged standard for lessors building on the 1996 discussion paper.
2006
The IASB began work on a new lease accounting standard intended to close the loophole of off-balance operating leases.
2009
The IASB released a Discussion Paper covering preliminary views on the creation of a new lease accounting standard and invited comments. The discussion paper proposed moving all leases onto the balance sheet to be capitalized as an asset and liability.
2010
The IASB released the first Exposure Draft for the new lease accounting standard and invited comments. The draft established the model to report all leases on the balance sheet as an asset and liability. In general this model was met with criticism.
2013
The IASB released the second Exposure Draft after multiple discussions with stakeholders and several revisions. This model solidified parts of the new standard, including the model to bring all leases, except short-term leases, onto the balance sheet.
2016
The IASB released IFRS 16 (eIFRS login required) in January of 2016 with an effective date of 1 January 2019.
LONDON, March 22, 2018 — LeaseAccelerator announced today that its CEO, Michael Keeler, will participate in a panel at today’s IFRS 16 – Application in Practice plenary. LeaseAccelerator will participate along with accounting thought leaders from PwC, Nestle, Canon, Santander UK and Legerity on the Preparers’ View panel.
