ASC 842 Changes
Did you know that the upcoming ASC 842 changes mark the first major overhaul to that federal code in 40 years? Those new lease accounting requirements, which were released in February 2016, are anticipated to have a significant impact on lessees nationwide.
For companies with international holdings and diverse lease agreements, ASC 842 leases could quickly become burdensome if they are not managed appropriately. Experts recommend that your ASC 842 implementation start early, with a team of internal stakeholders and external resources to support your success.
With the ASC 842 effective date looming for both private and public companies, it is never too early to begin your data migration. Visual Lease is the right partner for your organization, providing convenient, deep data management capabilities that will ease the transition to these new FASB requirements.
How to approach compliance with the ASC 842 changes
Your implementation process for compliance does not have to be arduous and painful. Although the ASC 842 leases updates could have wide-reaching impact for your organization, getting an early start with Visual Lease can save you a significant amount of effort. Rapid readiness can be achieved with the right technology, ultimately benefiting your:
- Project management
- Data collection
- Internal processes and controls
- Technical accounting
- And compliance and reporting
With Visual Lease on your side, your data management, collection and export can be faster and easier than you ever imagined. Our team of leasing professionals can help you develop custom reporting mechanisms to comply with ASC 842 changes. Instead of relying entirely on internal resources, why not call in the experts to do the heavy lifting? Our team helps you implement software that can quickly and accurately manage your lease agreements and accounting. Take the early steps that will improve your chances of success — contact Visual Lease today to learn more.