Nine Questions Property Accounting Managers and Financial Executives Should Be Asking About the New Lease Standards
Atlanta (August 9, 2016) PowerPlan, the leading provider of regulatory, budgeting and tax solutions for asset-intensive businesses, today shared a recent best practices document 9 Questions Property Accounting Managers and CFOs Should Ask Now regarding the new lease accounting standards.
With the upcoming lease accounting standard changes from the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB), there is growing responsibility for leases within accounting and finance departments. Based on research from companies who have prepared for the new standards, the document shares nine of the top questions financial and property accounting executives should consider as they prepare for compliance.
The questions help readers:
- Examine lease processes that may need to change due to the increased number of leases on the balance sheet.
- Consider the importance of forecasting the financial impacts prior to the required date for multiple stakeholders.
- Reflect on the downstream effects of the standards to the accounting, finance, budgeting, tax and regulatory departments.
The document is free to download here.
The International Accounting Standards Boards (IASB) recently announced a new leasing standard – IFRS 16 Leases. Under these new rules, lessees will be required to disclose nearly all lease agreements over one-year on their balance sheets, effective January 2019.
Additionally, the Financial Accounting Standards Board (FASB) recently release revised guidance for accounting for lease transactions – ASU 2016-02, Leases (Topic 842). Under these new rules, lessees will be required to report most of their leases on their balance sheet, effective for fiscal years beginning after December 15, 2018.
PowerPlan has helped customers manage operating and capital lessee accounting for more than 15 years. The PowerPlan Lessee Accounting Solution is compliant with the new lease accounting standards.