Guide to the Lease Accounting Monthly Close

Best Practices for the Controller Organization

Monthly Close for Lease Accounting
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Hidden Challenges

  • Account Maintenance
  • Event Procedures
  • Control Procedures
  • GL Upload & Reconciliation
  • Disclosure Generation

Answer the Key Questions

  • Roles and Responsibilities
  • Standard Operating Procedures
  • Schedule of Activities
  • Contingency Plans

Key Challenges with the Lease Accounting Monthly Close

To comply with the new lease accounting standards most organizations have had to implement new business processes, organizational structures, and information systems. While some organizations have transitioned smoothly, others are experiencing significant challenges adapting to the new complexities introduced by the leasing standard. Those with the largest lease portfolios are the ones having the greatest challenges. Many of these organizations have muscled through the early years of adoption using a combination of brute force, high-priced consultants, and global headquarters staff. However, those approaches will not scale over the long term. Success with lease accounting will require organizations to transition to a highly automated record-to-report process that includes a consistent, repeatable close process that fits into the overall corporate reporting timeline.

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