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.
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?