Lease Accounting Services
Maintain compliance for new lease reporting standards ASC 842, IFRS 16, and GASB 87.
Lease Accounting Software
Selection, implementation and support
Lease Abstraction
Convert paper documents into digital records
Compliance and Reporting
ASC 842, GASB 87 and IFRS 16 reporting services
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The new accounting standards for lease obligations (ASC 842, IFRS 16 and GASB 87) require public, private and governmental organizations to recognize right of use assets and liabilities for real estate, equipment and other leased assets. This affects the balance sheet in a significant way and requires the implementation of new policies, procedures and recording of obligations for long-term leases. The complexity of the calculations for these new rules requires an approach that reduces errors, eliminates missed critical dates and recording of decisions on reasonably certain lease options.
ASC 842 and GASB 87 requirements deadlines are coming.
Here’s how we can help:
Lease Accounting Software
Software Selection
Our experienced lease consultants can help you prepare RFPs, review submissions, sit in on demos and help you compare and select the best solution for your requirements, size and budget.
Configuration and Setup
Once selected, our team can help you make informed decisions on the setup and configuration of your lease accounting solution. This can include customization of data fields, security and setting up categories and portfolios to properly classify your data.
Data Migration
Whether your existing leases are in an existing lease management application or are coming from physical or electronic documents, we will convert your data into a format that can be easily and accurately migrated into your new system.
Integration with Existing Systems
Our data integration experts will work with your software vendors to ensure that data such as journal entries and asset data be seamlessly transferred to your existing business applications.
Lease Abstraction
Document Scanning
Physical copies of your leases will be scanned into a text-searchable pdf format and if the application supports it, will be attached to lease records in your new lease accounting software for easy retrieval and review.
Abstracting Critical Data
Our lease experts will accurately abstract information from your leases for data entry into the new lease system.
Review for Lease Accounting Requirements
Once your data is in the new lease accounting application, we will perform a comprehensive review of your reporting requirements and make suggestions on how your leases are recorded and tracked.
Compliance and Reporting
Custom Reports
Our reporting specialists will modify existing reports for your needs and create custom reports if needed using standard reporting from the application or through third party tools such as Power BI, Tableau or others.
Compliance Review
We will work with your internal or external audit teams to ensure that data is complete and meets compliance requirements.
Terminations, Renewals and Impairments
We will work with you to ensure that early terminations, renewals, and other options are properly reflected and are deemed reasonably certain to exercise. Impairments will also be reflected once identified and measured.
Notification of Upcoming Events
Proper setup of email or dashboard reports will be configured to ensure that the lease management team will be periodically notified of upcoming critical events such as renewals, terminations, and other lease milestones.
Our Lease Abstraction and Implementation Teams can convert your existing leases into digital assets that can generate reporting and journal entry transactions to meet the standards. Your leases may contain initial and option terms, recurring expenses, rent steps, critical dates, clauses and percentage rent details. All which must be taken into account for proper recording and reporting purposes.