With Less Than 6 Months to Implement FASB and IASB Lease Accounting Standards, Organizations are under Pressure to Meet Guidelines
ATLANTA – (July 26, 2018) – With less than 6 months to implement the FASB and IASB lease accounting standards, organizations are racing time to comply by January 1, 2019. The new standards require that organizations report all leases on the balance sheet, meaning that accounting departments and cross-departmental teams need to determine a unified approach to quickly meet compliance.
With the current timeline, it’s crucial that organizations form a strategic approach that is focused on compliance. PowerPlan’s Lease Accounting Solution is choreographed to help organizations take the right steps in the right order to support compliance with ASC 842 and IFRS 16. Focusing on the standard is key, but it is also important to plan ahead for long-term financial impacts, including taxes.
For organizations which haven’t begun the vendor selection process, now is the time. “While it’s still possible to meet the lease deadline, it’s critical that organizations prioritize urgent items for compliance,” said Brent Burns, Chief Operating Officer of PowerPlan. “Then after the initial launch, optimize the solution with long-term best practices, taking into consideration the key financial implications across the organization including tax and other regulatory requirements.”
As the race to beat the deadline intensifies, PowerPlan has opened their resource center, which is filled with best practices to help organizations get on track for adopting the standards. To access it now, visit: https://powerplan.com/lease-changes/