CHECKLIST:
90 Days Until the Lease Accounting Deadline
90-Day Countdown Checklist
For the New Lease Accounting Standards
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The Lease Accounting 90 Day Checklist Includes
If your deadline for the new lease accounting standards is less than 90 days away, chances are widespread panic is beginning to set in. Most companies are behind schedule either because they underestimated the level of complexity associated with adoption or because of the ripple effects of delays in related projects such as revenue recognition. To help companies in their final transition efforts, LeaseAccelerator prepared a list of the 90 Things Lease Accounting Teams Need to Do in the 90 Days Before the Deadline.
Accounting Strategy
Have you finalized all of your accounting policy documents, practical expedient elections and transition strategies?
Test Planning
Have you tested all the variations of lease payments, terms, and clauses most common to your portfolio?
Process Changes
Have you updated your record-to-report, monthly and quarterly close processes?
User Training
Have you trained all the lease administrators and accountants that will be using the system?
Centers of Excellence
Have you fully staffed, trained, and enabled the accountants in your center of excellence?
Policies and Controls
Have you instituted the new controls needed to satisfy financial and SOX audits?
Systems Updates
Have you provisioned user accounts, configured reports, and validated accounting outputs?
Audit Committee
Have you updated the CEO, CFO, and audit committee on risks and issues?
Data Collection
Have you finished cleansing, reconciling, and uploading your leasing data?
Disclosures
Have you identified required disclosures for your annual and quarterly filings?