FASB Lease Accounting Standards
Is your company ready for the implementation of the new FASB lease accounting standard? These sweeping changes are slated to have a significant impact on lessees, requiring additional accounting documentation to remain in compliance with federal guidelines.
Although these overarching changes may seem overwhelming and difficult to manage, your team does not have to struggle. Ease your transition into the FASB accounting standards update with the help of a program like Visual Lease.
At Visual Lease, we offer comprehensive solutions to your lease management challenges, providing a single platform that hosts both your contract data and your accounting information. Whether you are managing 10 leases, or 10,000, our software can help you comply with FASB lease regulations. Your team deserves the peace of mind that comes along with reliable lease management technology.
Changes that will accompany the FASB lease accounting standard update
The new FASB accounting standards update is not simply a small data point change that can be managed by your compliance officer. In fact, these changes stand to make a significant impact on the way in which you conduct your business and report accounting information.
Companies will no longer have the option to structure their lease contracts so that they can achieve off-balance-sheet reporting. In other words, both finance (capital) leases and operating leases must be included in your accounting reports.
If you have not taken major steps to change your system to accommodate these new rules, it is time to start. The rule changes are looming, and you need to make sure that your accounting system is prepared for these additional requirements. Instead of worrying about the transition, why not enlist the help of a valued partner to share the burden? At Visual Lease, we are real estate and leasing experts, providing you with the software and support you need to comply with the FASB lease accounting standard. Ready to learn more? Contact our team now to get started.