New Lease Accounting Standards
How will the new lease accounting standards of the FASB affect your organization’s accounting methods? Previous updates have dictated minor alterations to accounting practices, but the new FASB rules constitute one of the first major overhauls of the 21st century.
In the past, your organization may have been able to adopt rule changes by only involving a small team and your compliance officer, but these new accounting pronouncements are far more invasive than their predecessors.
At Visual Lease, we understand the importance of detail and data in accounting compliance — and we are ready to serve as your tech partner in complying with the new FASB regulations. Let us help you manage your risk and achieve the peace of mind you need as the FASB rules are implemented.
What the new lease accounting standards of the FASB mean for your business
The overhaul of the new FASB rules will require a shift in data management practices for lessees. In the past, lessees had not been required to report all operating leases — only capital leases were considered for the organization’s balance sheet.
Now, the FASB requirements will also include operating lease reports, signaling a major change for organizations with multiple leases. You will need to have access to your lease documents and accounting for:
- Real estate
- Technology assets
- Manufacturing equipment
- Licensing agreements
- And more
Without the right software to accommodate these new lease accounting standards FASB, your organization could be at risk when it comes to reporting compliance. Instead of taking a chance with a smattering of spreadsheets, why not consider working with a proven name in lease management? Visual Lease is used by more than 350 valued clients, including several Fortune 500 companies. With a 98 percent retention rate, our customers simply could not be more satisfied with our tech solutions for lease accounting. Ready to learn more? Contact our team today to get started with a no-cost demonstration.