Len Neuhaus, leader of the Project management Office at multi-billion dollar flavors, fragrances, and cosmetics leader IFF discusses the company’s approach to complying with the new ASC 842 lease accounting standards. Topics include key challenges encountered, accounting processes implemented, and balance sheet presentation.
Brian Martfeld, Director of Corporate Accounting at Tyson Foods discusses their approach to evaluating and selecting a lease accounting software vendor. Martfeld explains the challenges faced with complying with the new ASC 842 standard and the key requirements Tyson was seeking including SAP integration, fiscal calendar support and asset-level lease accounting.
Alex Klein, CPA and solution consultant from LeaseAccelerator, discusses the key considerations for large companies when preparing for an audit under the new lease accounting standards. He offers suggestions for policies and controls to support both financial and Sarbanes Oxley audits.
Alex Klein, CPA and solution consultant from LeaseAccelerator, discusses the key considerations for applying transition accounting for the new leasing standards. He discusses the various policy elections and practical expedients as well as the requirements for software applications to support multiple general ledgers and comparative reporting.
Bruce Conway, vice president of lease accounting at LeaseAccelerator, discusses the challenges companies face in complying with the new lease accounting standards. He compares and contrasts the issues accounting organizations confront today with ASC 840 to the new risks being presented by ASC 842.
Scott Silver, LeaseAccelerator solution consultant, compares the evolution of lease administration in equipment today to the situation in the commercial real estate sector twenty years ago. Silver also discusses the implications for the new lease accounting standards for real estate vs equipment leasing.
Are you in the process of implementing the new lease accounting standards? Do you need a single lease accounting engine that can handle not only real estate, but also your fleet, IT, aircraft, material handling, and other equipment leases? Do you need an application that will support the US GAAP and IFRS standards, both current and future? Do you need a software package that tracks leases – not just at the schedule level, but the asset level as well?