After being discussed for the better part of a decade, the new FASB and IASB lease accounting standards are official. And the time to create a compliance plan is here.
For most large organizations, adding real estate and equipment leases on the balance sheet will be a sizable task. Our guide – co-authored by the former lease accounting manager with the largest home improvement retailer in the U.S. – offers organizational leaders practical, real-world insight on how to create a lease accounting compliance plan.
While organizations may certainly have unique challenges, this guide provides a proven, 12-step framework that every company should take on the journey toward lease accounting compliance success.
- Lists of who should be part of the core project team and stakeholders to involve
- 10 essential questions to assess lease accounting solutions from software providers
- 5 of the most important testing scenarios for lease accounting software
- Where to find organizational leases and critical lease data points to collect
- List of often overlooked embedded leased assets that are part of larger agreements
- “5 Minute Quick Read” summaries of each step in the process