Read the lessons learned from NuStar Energy’s journey to comply with the new lease accounting standards and the benefits achieved from implementing an enterprise lease accounting software application:
- Compliance – NuStar successfully transitioned to ASC 842 on January 1, 2019. The accounting team was able to perform the monthly close on time and file its first interim statement (SEC Form 10-Q) in April 2019.
- Visibility – With all of the company’s leasing data centralized in a single repository, NuStar’s leasing program is now quantifiable, reportable, and manageable.
- Cost Savings – The accounting team worked with the procurement organization to identify the assets so that more cost-effective contracting mechanisms could be negotiated.