Explore latest insights, tips, and trends on lease accounting from Nakisa
The blog outlines five key differences between real estate and equipment leases: dollar values, data decentralization, rent calculations, administration processes, and accounting nuances. It emphasizes the need for a comprehensive solution that seamlessly handles the complexities of both lease types.
Explore three crucial considerations for companies in the chemicals industry when implementing the IFRS 16 and ASC 842 lease accounting standards, and learn how technology solutions can streamline accounting strategies and compliance efforts under these guidelines.
It’s 2019. And that means the new lease accounting standard ASC 842 has officially taken effect.
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As we reach mid-2019, public companies are wrapping up their compliance efforts for the new ASC 842 and IFRS 16 lease accounting standards which officially took effect for public organizations in January 2019.
The blog post highlights the need for efficient ongoing lease accounting processes after achieving initial compliance with IFRS 16 and ASC 842 standards. It explores how purpose-built lease accounting software can streamline operations, centralize data, enhance collaboration, and integrate with ERP systems to drive efficiencies
According to a 2017 report from Ernst and Young, “The new lease accounting standards could have far-reaching implications for oil and gas entities. The impacts go beyond accounting, to commercial decision-making and strategic financial decisions.”
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While the soon-to-be-implemented leasing standard IFRS 16 won’t require organizations involved with leases to raise their right hand and swear an oath, they will need to ensure they’re telling the whole truth about their leases.
