Starting Off on the Right Foot: The Importance of Comprehensive, Accurate Data Collection
The importance of comprehensive accurate lease data collection on lease accounting under IFRS 16 and ASC 842 standards...
Your Guide to Being a SAPPHIRE High-flyer
Verify! Your tickets, schedules, and agenda. Things can change last minute and you don’t want to be late, miss an important meeting, or worse still - to find that a meeting has been cancelled and you now have a large block of time to kill wondering what you could have been doing instead....
Choosing the right IFRS 16 adoption method – Retrospective or modified retrospective
Choosing the right adoption method for new accounting standards is crucial for compliance and financial accuracy. Delve into the advantages and challenges of each method, and determine which method best fits your business needs for a smooth transition....
Accelerating Compliance: Can the Cloud Help You Make Your Compliance Deadlines?
In 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new requirement standards for lease accounting: IFRS 16 & ASC 842, which must be implemented by 2019....
Benefits and challenges of the 4-4-5 calendar
Explore how the 4-4-5 calendar can streamline financial processes, improve budget accuracy, and simplify fiscal period comparisons. While offering significant benefits, it also introduces challenges, such as system adjustments and complexities in transitioning from a traditional calendar. Dive into the details and learn how to navigate these potential hurdles effectively....
How to identify embedded leases within contracts
This article addresses the challenges of identifying embedded leases within contracts when adopting the IFRS 16 and ASC 842 lease accounting standards. It emphasizes the need for robust processes and tools to determine if a contract contains an embedded lease according to the requirements of these standards....
Adoption Planning and Audit Readiness Go Hand in Hand
Only a few weeks remain before public companies face the next quarterly requirement to disclose their progress in adopting new lease accounting rules, IFRS 16 and/or ASC 842. With that clock ticking, now is an opportune time to assess not only the status of your adoption project, but also your readiness for convincing auditors of the adequacy of your judgments, conclusions, controls, and disclosures....
FASB Simplifies the Transition to ASC 842: What Does This Mean?
The Financial Accounting Standards Board, or FASB, has made decisions it hopes will reduce costs and ease the burden for companies working to adopt new lease accounting rules known as ASC Topic 842. In response to feedback about the effort required to reflect the new rules in all years in a set of financial statements, the FASB is offering a scaled-back approach that leaves prior years untouched....
How do you find the right lease accounting software?
A quick recap for those not already familiar with the new lease accounting standards: organizations worldwide are required to bring most leases on-balance sheet as obligations and liabilities by January of 2019....
Lease Administration by Nakisa 4.0: Does it really matter?
The new lease accounting standards, IFRS 16 and ASC 842, are the result of a joint effort between the IASB and FASB to meet the objective of improved transparency, comparability and financial reporting requirements....
Cost Saving Measures: Practical Expedients for Transition Accounting
As the go-live date for the new lease standards (ASC 842 & IFRS 16) is approaching fast, businesses should consider the practical expedients available to ease the burden of adoption and transition....
Lease Accounting Compliance: Why Spreadsheets Are Not the Answer
Spreadsheets are an accountant’s best friend. The flexibility that a spreadsheet offers is fairly compelling and it’s no wonder it’s the first solution that comes to mind when thinking of complex calculations. It is then no surprise that businesses have been looking to spreadsheet solutions for transitioning to the new lease standards. ...
