The new ASC 842 and IFRS 16 lease accounting standards are compelling organizations to examine their lease management practices and address data quality issues that may exist, such as incomplete or inconsistent lease information for real estate, equipment and other asset leases. Partnering with a provider which can offer expertise in lease data services can ensure the entire implementation process is successful.
Here is a checklist of qualities to look for in a lease data services provider:
- An experienced in-house team of attorneys, paralegals and lease administration professionals who can provide management solutions to address data gaps and achieve confidence in the quality and accuracy of critical lease information
- A dedicated project manager
- A quality control analyst
- Provide data validation with a gap analysis and audit of missing or inaccurate data
- Lease abstraction and summation of key financial, business and legal information including any unusual lease provisions, financial obligations or other issues
- High resolution document imaging and storage of legal documents for all lease types (real estate, equipment and other assets)
- Due Diligence Support for the acquisition and disposition of assets
- Familiarity with compliance aspects of the new ASC 842 and IFRS 16 lease accounting guidance
- Familiarity with compliance aspects of Sarbanes-Oxley
- A company with a workforce located domestically which offers the flexibility of working on-site or remotely
A partner who can offer an in-house team of experts will help your organization achieve confidence in the quality of critical lease data by providing management solutions for key financial and legal information. Ideally, the partner can leverage decades of experience to offer advice and best practices regarding training for lease administration, new lease accounting compliance, data workflows and process reviews. Learn about CoStar’s Lease Data Services, which helps organizations tackle the increase in the amount of data and details that must be captured with confidence.
Learn more about CoStar’s lease accounting software.