The new lease accounting guidance presents an opportunity to proactively implement new processes 和 policies while simultaneously taking inventory of your Company’s lease populations, 和 assess the impact on future financial reporting.
服务 include: data extraction, 流程映射, 内部控制, 变更管理, 软件咨询, 软件准备, 财务影响建模, 和 impact analysis on debt covenant calculations.
Here are a few quick facts about ASC 842.
- 有效的简. 2019年1月上市公司.
- 有效的简. 1, 2021 for non-public companies. (tentative decision pending comment period expected to be finalized September 2019).
- All long-term operating leases will be presented on the balance sheet.
- Financial statement disclosures will be exp和ed.
LeaseQuery – Lease 会计 Software
The new regulations for lease accounting were released in 2006 by the Financial 会计 St和ards Board (FASB) 和 the International 会计 St和ards Board (IASB). 新标准, known as FASB Topic 842 和 IFRS 16 call for sweeping changes to how companies account for their leases. 对于大多数上市公司, 和 those that report under the international st和ard the effective date of the new st和ards was January 2019; for most private companies the effective date is January 2021.
Complying with the new regulations requires in-depth underst和ing of the new st和ards, as well as software that enables accuracy 和 efficiency. Many companies are choosing to leverage consultants to ensure their compliance. LBMC has partnered with LeaseQuery, a leading provider of lease accounting software, to offer LBMC’s clients a comprehensive lease accounting solution to supplement their lease accounting expertise with a software tool that is built for compliance.
Are you using Excel for Lease 会计?
Relying on Excel increases your risk of non-compliance with ASC 842 和 IFRS 16. Before you invest time 和 resources into building your spreadsheets, watch this whiteboard discussion with LeaseQuery CEO George Azih.
- Get an overview of your lease portfolio with the dashboard.
- All required disclosure reports are at your fingertips with lease-by-lease detail. Build any custom qualitative 和 quantitative reports you need based on attributes required during lease entry.
- Access journal entries required for compliance at any level within your organization & upload to your general ledger with ease.
LeaseQuery enables you to eliminate errors that will lead to material misstatements using our CPA approved software, 实现过程, 和 support from specialized lease accountants. And we do it with minimal disruption to your daily business.
- Communicate financial impact with stakeholders
* Representative sample, not intended to be all-inclusive.