IFRS 16 / ASC 842 Consulting
Preparing for the Tsunami
There’s no getting around it, IFRS 16 and ASC 842 are going to force accounting teams to operate differently. One of the larger impacts will be a significant increase in leased assets and liabilities and the corresponding financial statement implications. As leases that were previously off-balance sheet move back into the financial reporting structure, you’ll see a hit to the bottom line. You may be looking to your accountants or auditors to provide a list of processes and procedures that must be adjusted, and for guidance on this topic. But they have not done this before, we have.
Implementing the right software can help your team collect the information you need to report according to the new standards so you need to be thinking about this now. With lease administration software, you can prepare and plan for compliance with leasing accounting standards. Furthermore, you can quickly and easily visualize your lease exposure while ensuring all leases meet lease accounting standards. This is where Visual Lease, can offer your team an automated solution to support your new processes.