Over the past several years—since the new standards were announced—organizations of various sizes and in various industries have been collecting and organizing important lease data, calculating obligations, and determining current right-of-use assets to ensure they are complying with the standards from the first day they take effect....
Think you need superpowers to achieve IFRS 16/ASC 842 compliance? Think again.“Look up in the sky! It’s a bird! It’s a plane! It’s…” well you know the rest. The challenges facing transportation companies can be overwhelming—from pricing pressures to rapid shifts in technology to regulatory changes....
When Lebron James hits a three-point shot with a second to go in a playoff game or when a World Cup soccer player makes a goal in the final minutes of stoppage time, it may seem like luck or chance. It’s why sports can be so fun—and for serious fans, so stressful....
Whether you bear responsibility for your compliance project or are simply part of the team, your role is fundamentally about balancing time, risk, and money with the requirements prescribed in the new lease accounting standards. In less than four month’s time, the IFRS 16 and ASC 842 accounting standards will come into effect....
Not as confident in your current lease administration process as you want to be? You're not alone. Intrigued by cloud-based applications that make credible promises of bringing order out of chaos, but concerned about data security?...
Cliché? Maybe. But it happens to be particularly true when it comes to meeting the impending compliance deadlines for the new IFRS 16 and ASC 842 lease accounting standards....
Okay. So, we’ll spare you the cheesy 80’s music references. But for organizations still making the switch to the new IFRS 16 or ASC 842 standards, the sentiment rings true. Time is quickly running out until the January 2019 deadline....
While many companies are scrambling to meet the approaching January 2019 deadline to comply with the new IFRS 16 or ASC 842 lease accounting standards, not all are waiting until the last minute....
It’s been a busy couple of years for accountants preparing to report within the framework of the new IFRS 9, 15, and 16 standards, and their US GAAP equivalent ASC 326, 606, and 842. The last remaining standard to adopt is IFRS 16 (ASC 842) effective as of January 1, 2019....
Believe it or not, there’s a silver lining to the big changes to lease accounting under ASC 842 and IFRS 16. Just like climbing a high mountain gives you a perspective you can’t get from the valley floor, once you’ve completed the massive task of consolidating leases, capturing the information, and making the required calculations, you’ll gain a new perspective on the leasing operations of your organization....
A 2018 survey by PwC indicated that nearly one-third of companies making significant changes to their lease accounting systems were unsure or did not think they would make the effective date of the new standards....
The clock is ticking as organizations get set to meet the requirements of new lease accounting standards. Issued in February 2016, FASB Accounting Standards Codification (ASC) Topic 842, requires lessees to report assets and liabilities related to leases of one year or more, on the balance sheet. ...
