Maintain lease accounting data for compliance post-implementation

By February 28, 2020 July 31st, 2020 Accounting, Day Two, eBooks, Long-Term Compliance


Maintaining Lease Accounting Data

Day Two Lease Accounting Compliance

Twenty Events You Will Need to Track to Ensure Your Lease Accounting is Up to Date

Maintaining Your Lease Accounting Data

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Understand what events to track:

  • New leases, sale-leasebacks, embedded leases
  • Changes to rent, location, cost centers
  • Lessor invoices and payments
  • Collections of sublease rent and security deposits
  • Partial and full equipment returns, renewals, buyouts

For each event gain insights into:

  • What information needs to be collected
  • Which systems to collect the data from
  • Whether automation is cost justified

Why Maintaining Your Data on Day 2 is so Important

As the deadlines for the new standards grow closer, most companies are focused on getting to Day One compliance. Project teams are busy abstracting the necessary data from lease contracts and uploading it into a lease accounting application. However, few companies have given significant consideration to how they will manage the process of keeping their lease accounting data accurate on Day Two and beyond. How will you ensure that your lease accounting system is kept current with the most accurate, complete, and up-to-date information about leases?