New Lease Accounting Standard
With the upcoming changes to the new lease accounting standard, many companies are deep into preparation for implementation of new lease management systems.
At Visual Lease, we know that your organization needs access to a new lease standard summary format, along with reliable data retrieval. When your organization demands new lease accounting guidance from your lease management software provider, Visual Lease delivers. Our products integrate deeply with your existing ERP software, allowing you to quickly and efficiently deliver the data you need to make key business decisions.
With updates to your lease management system, your organization can become forward-facing, implementing new lease accounting solutions that can have a broad impact for your company.
How to prepare for the new lease accounting standard
So, what can you expect with the deadline for IFRS and FASB regulations? First, you should know that your company is required to comply with new lease standard summary guidelines for all leases that will be active during fiscal years after Dec. 15, 2018.
Leases that conclude before that time are not covered under the regulations, but many businesses will have to start their transition processes before the deadline to ensure total compliance. Additionally, you can expect a much more expansive balance sheet, considering that operational and capital leases must now both be included on your documentation.
Achieve day-one compliance with the help of an industry-leader
With Visual Lease, you can enjoy automated capabilities that include responsive general ledger journal entries and disclosures, allowing you to more efficiently manage your balance sheet. Your team will need to be well-versed in lease classification, which requires differentiation between capital and operating leases.
Furthermore, there are some differences between IASB and FASB requirements — Visual Lease offers custom modules for multinational businesses who may need to operate beneath multiple guidelines. Visual Lease is your partner in adopting the new lease accounting standard. If your team needs a centralized solution, it is time to connect with Visual Lease! Click today for a no-cost demonstration.