Fall update of Lease Accelerator's lease accounting whitepaper; new analysis; effective dates: 9-Step transition plan. Implement now to minimize compliance issues
Until now, accounting for most leases has been relatively simple, as lease expenses can currently be treated as operating expenses. Under the new FASB Lease Accounting standard, however, most leases must be treated as capital leases – and accounting for capital leases will require a much more rigorous approach, given the increase in risk and complexity, including the impact of estimation errors, as well as the increased compliance requirements of the Sarbanes-Oxley Act (SOX).
This Fall update to Lease Accelerator's lease accounting whitepaper "How to Prepare Now for the Coming FASB Lease Accounting Changes" explains, in a 9-step transition plan, how companies must address the coming FASB lease accounting changes, and how they will have to manage their leasing activities when the new FASB lease accounting standard is issued - now expected by mid-2015, at the latest.
You will need at minimum 6-12 months to create and implement processes and systems. As with any change-management project, you should start by defining the objective, scope and strategy of the project or process. Companies must:
- Understand the new rules to determine compliance requirements;
- Start and complete a transition process – now; and
- Develop an ongoing process for complying with the new standard.
This update to Lease Accelerator’s whitepaper
"How to Prepare Now for the Coming FASB Lease Accounting Changes," includes expert analysis of the final FASB and IASB deliberations, which took place over the summer, the projected impact of the new lease standard, and a nine-step plan to transition to the new standard on a fast-track.
The whitepaper covers financial, tax, and operational impacts on equipment and real estate leases and explains how to prepare and manage them. The paper describes how to create and maintain a database of documents and data in order to ensure completeness, accuracy, and audit-ability of your data.
Download the whitepaper now »