IASB Leases New Standard
How could the IASB leases new standard affect your company? These new regulations constitute a joint project with the Financial Accounting Standards Board (FASB), and are slated for full implementation in January 2019.
IASB leasing changes are anticipated to require lessees to recognize most leases on their balance sheets, incorporating a single model for all leases with few exceptions. If your company manages a large number of leases, you need to be prepared for the upcoming change — and part of that preparation includes making sure you have the infrastructure to support the new requirements. With Visual Lease as your lease accounting and management software, you can set your team up for success as you transition to the IASB lease accounting changes. Let us serve as your partner in compliance.
What the IASB leases new standard could mean for your company
The IASB leasing changes present new requirements for determining whether an arrangement meets the definition of a lease. Your contracts may include a lease along with an agreement to purchase or sell other items or services. Non-lease components must be accounted separately under the new IASB regulations. Lessees will be required to recognize most leases on their balance sheets, while lessors will not experience significant changes to their accounting system.
What does this mean for an organization with hundreds, if not thousands of leases? If you are managing leases for:
- Technology assets
…then managing these contracts can quickly seem overwhelming. Furthermore, the reporting requirements associated with so many leases can swamp traditional accounting software. You need a robust system that quickly processes custom reports, giving you the information you need at the touch of a button.
Improve your compliance with the IASB leases new standard with the help of Visual Lease. Our software gives you rapid access to the data you need for reporting and business analysis. Let us support you in the ever-changing financial regulatory environment — click today to schedule a software demo!