The time is now for private companies to start preparing for the new lease accounting standards, ASC 842 and IFRS 16, which take effect starting with fiscal years after December 15, 2020.
For most private companies, implementing the new leasing standards likely will be the biggest projects that controllers and financial accounting teams will tackle in 2019 and 2020. With most real estate and equipment leases moving onto the balance sheet, corporate leasing programs will undergo much more scrutiny from auditors and board members than ever before. Companies will need to revisit their leasing programs, potentially making significant changes to systems, processes, policies, and controls.
During this Webcast, a panel of lease accounting experts will share best practices and lessons learned from public companies that have already adopted the standards. We will discuss:
- How to budget for, plan, and staff your company’s implementation of the new standards to achieve day-one compliance by the deadline,
- What types of policy elections, practical expedients, and transition accounting strategies most companies are considering,
- How to take an inventory of your leases, and where to find the information your company requires to account for leases, and
- What new systems companies will need to deploy, and how these systems will interact with your general ledger, accounts payable, and fixed asset applications.