New Lease Accounting Rule
The Financial Accounting Standards Board (FASB) has recently released complete documentation on a new lease accounting rule that has the potential to significantly affect lessees.
The new standard, which will go into effect in 2019, requires companies to eliminate off-balance-sheet reporting of assets and liabilities associated with the elements of operating leases. If you have not already started planning for the transition to these new lease accounting changes, it is not too late – you still have the time to prepare.
However, without the assistance of the accounting experts at a firm like Visual Lease, your organization may struggle to comply with the new rules. Instead of putting yourselves through the wringer to comply with these new lease accounting standards, your organization can benefit from working with an experienced tech company through this important transition.
How Visual Lease helps you comply with the new lease accounting rule
You may be working with an existing lease management software program, but chances are that your platform is missing some crucial elements that could help with rule compliance. For instance, does your software program allow you to rapidly access lease contracts while simultaneously receiving reports about lease accounting?
Instead of storing the information all over the place, Visual Lease gives you the ability to review all aspects of your lease agreements in one location. Your capability to comply with the new lease accounting changes will be enhanced because of this ease of use.
Experts say that the new lease accounting rule is not simply something that can be solved by educating your compliance officer and quality team. Instead, larger companies need to focus on organization-wide data solutions. With the help of Visual Lease and our rapid deployment of implementation specialists, your organization can be ready to comply with the new rules in no time at all. Interested in learning more? A demonstration is just a click away. Contact our team today to learn more!