IASB Lease Accounting Standards
New FASB and IASB lease accounting standards are anticipated to affect a wide range of companies in multiple industries. If your organization relies upon capital and operating leases, it is time to create an implementation plan to comply with IASB lease accounting rules.
How do you ensure that your technological resources and accounting systems can support the IASB lease accounting update? At Visual Lease, we know what a challenge it can be to manage even a small number of leases — multinational companies and large domestic organizations can easily be overwhelmed by these IASB and FASB changes.
Instead of simply waiting for the other shoe to drop, companies can take action now to make sure they are compliant with the new rules when they are enforced in 2019 for nonpublic companies and 2020 for public entities.
Creating a plan for compliance with IASB lease accounting standards
Implementing changes to support the IASB lease accounting rules is not an overnight proposition. In fact, for larger corporations, the time to begin your implementation plan could be right now. Visual Lease recommends a few initial steps to begin preparing for the transition to the new lease standards. Companies may consider:
- Thoroughly reading and understanding the new lease requirements
- Analyzing your own lease composition – both financial and operating
- Determining the limitations and capabilities of your current data management system
- Identifying gaps in data management
- Deploying new tech solutions to support the transition to new standards
Visual Lease has been the trusted lease management software for more than 350 companies, offering support for small businesses and Fortune 500 firms alike. We help your organization bridge the data gap by offering comprehensive lease management and data oversight, including modules that ease the transition to the new IASB lease accounting standards. Decrease your risk and speed your path to compliance with the help of Visual Lease’s custom reporting systems. Contact our team today to get started.