The FASB new lease accounting standard is here and represents one of the most significant changes in accounting history. For the first time ever, organizations will be required to recognize practically all lease obligations as assets and liabilities on their balance sheets. Read official release here.
Now that it’s official, organizations have a limited amount of time to comply. Updating the people, processes and technology used to manage leases by the effective date will be a significant challenge.
Questions that your organization needs to start thinking about today include:
- How many leases (real estate and non-real estate) do you have?
- Where are all your lease details collected and stored?
- What kind of reporting functionality is needed to ensure compliance?
- Who in your organization will be responsible for managing compliance?
CoStar Real Estate Manager’s software provides the technology that you’ll need to fully comply with the new standard, including lease data calculations, reporting and audit trails. Read software details here.
You can be a FASB compliance hero by working with CoStar Real Estate Manager and sharing our collection of FASB resources with lease management and accounting stakeholders in your organization. If you have any questions or would like to know more about how we can help, please contact us.