Are you overpaying for your business’ leases? Manufacturing businesses often have hundreds – or thousands – of leases, including forklifts, machinery and real estate. Each lease contains complex terms that are subject to change, which must be tracked to maintain compliance with the new lease accounting standards, ASC 842 and IFRS 16.
If you aren’t prepared for ASC 842 compliance, your business is at risk of failing an audit. Leases are incredibly complex and dynamic – and ASC 842 is not a one-and done disclosure. Lease terms change all the time as companies take on new spaces, scale back or renegotiate, and you must account for every change under the new standards.
While some tech vendors disappear on their customers once a contract is signed, the Visual Lease team is committed to supporting you through every step of your lease accounting journey.
To help you stay on track with important GASB 87 milestones, we’ve gathered industry experts, who will share their insights with you.
Don’t wait until it’s too late to get ahead of your lease accounting. Being well-prepared and equipped to handle lease accounting can save your company from common risks associated with misreporting company information, such as increased audit fees, fines and risk of legal action.
For private companies and private not-for-profits, a new lease accounting standard is looming. The Financial Accounting Standards Board’s ASC 842 means a new way to recognize assets and liabilities arising from leases on your balance sheet.
When FASB and IASB first announced the lease accounting standards ASC 842 and IFRS 16, respectively, companies scrambled to pull together their lease data and implement procedures and tools to generate the required disclosures.
The new lease accounting standards will require bringing operating leases onto the balance sheet in the form of right-of-use (ROU) assets and corresponding lease liabilities. This isn’t just a one-and-done disclosure, this is a whole new approach to accounting with a much higher level of scrutiny.
The new lease accounting standards under US-GAAP require organizations to account for leases as right-of-use assets and liabilities on the balance sheet. This is a massive administrative lift for most companies, requiring cross-functional input, new accounting procedures, interpretations, decisions, and new technologies to automate and enable the process.
Whether approaching lease accounting standards for the first time, or working to maintain compliance, it’s critical that you get the data collection and analysis portion of the process right.
In this webinar, we will guide you through each step – and share a timeline to set up your organization for success.
Don’t miss your chance to hear directly from major healthcare organizations, Penn State Health and Montefiore Medical Center, about how they successfully adopted the new lease accounting standards (e.g., ASC 842, GASB 87) – and how you can be successful, too.
The workplace has forever changed. Regardless of size or industry, many organizations are considering flexible work arrangements and creative co-working spaces as permanent fixtures of their business. Now is the time to revisit existing lease portfolios to better accommodate new business needs.
Government entities and public sector organizations often struggle to comprehend the complex requirements of GASB 87. Let us break it down for you – and help you be better prepared.
Preparing for ASC 842 compliance is incredibly demanding. One of the most difficult parts is knowing what needs to be done – and when. Don’t fall behind on the important milestones you need to meet this year to comply with the private company deadline.
As we enter 2021, organizations are working to create long-term strategies to meet their evolving needs impacted by the ongoing pandemic. In this webinar, we take a closer look at recent survey results regarding lease trends during COVID-19.
Preparing for ASC 842 lease accounting compliance requires a lot of dedicated time, planning and resources. The longer you wait, the more likely you are to run into issues that can restrict your resources. In this webinar, RSM and Visual Lease will discuss how having a timeline now can help you more easily plan and prepare for important milestones and required tasks.
Different lease contracts are managed in different ways – and can be more complex than you think. What happens if a short-term lease becomes a long-term lease? Or if a long-term lease becomes a month-to-month lease? How do you manage these transitions?
Leases are dynamic, evolving documents. Lease changes – and remeasurements – are common, but how to handle them under ASC 842 is not always straightforward. As unexpected circumstances like COVID-19 interrupt business plans, payments or obligations may have changed in unpredictable ways.
The stark shift and impact COVID-19 had on equipment and real estate leases has caused companies to modify their leases in a variety of different ways. While FASB provides some flexibility on how to handle abatements, there are different implications that lease deferrals, abatements and other modifications have on the balance sheet.
Compliance requirements don’t have to be a burden. Nobody knows this better than our panelists, each of whom faced different challenges – themselves or through their clients – as they tackled the lease accounting compliance standards. What started as a compliance exercise transformed into an exercise in process efficiency, automation, and financial opportunity.
Leases are dynamic documents. And, now that they’re reported on the balance sheet, roll forward reporting is more important than ever. It’s a report often overlooked, as the ASC 842 guidelines don’t explicitly mention this report, which outlines the changes in your balance sheet period over period.
The simplest way to control high or rising lease costs is by tracking key lease information with robust lease administration software. Bill Harter and April Miller, of Visual Lease, take a close look at how companies of all sizes can increase control over their leases, such as their contract clauses and related expenses associated with COVID-19.
Now more than ever, having a reliable way to track equipment, lease clauses, people and workplace FF&E is incredibly important. Technology that tracks and automates this key business information is critical to ensure you have up-to-date, accurate information. In this webinar, we will identify how your company can leverage industry-leading lease accounting and administration software, Visual Lease, with additional technology to stay ahead of your business needs.
Has it really been almost 2 years since all Public companies were required to comply with lease accounting guidelines: ASC 842 and IFRS 16? During the 2018 rush to comply, many companies implemented software to help them compile the lease data needed to run these complicated new lease accounting calculations. Some selected tools , while others invested in solutions.
In the recent months’ stay-at-home orders, companies have shifted to embrace remote work environments for an extended period. There are many questions surrounding the requirements and logistics that companies were responsible for in transitioning to remote employees, and some companies struggled in doing so. How can companies leverage technology to assist in streamlining the transition to a remote workforce, and then back to the office?
The simplest way to control high or rising lease costs is by tracking key lease information with robust lease administration software. In this webinar, we will take a close look at how companies of all sizes can increase control over their leases, such as their contract clauses and related expenses.
The impact of COVID-19 has caused companies to immediately pay closer attention to their leased assets. If you’re a tenant, you may be wondering what you should be looking out for to protect yourself and your company’s financial obligations. We’re here to help. Join us for an informative webinar that will guide you through these rising issues.
Leases are one of the largest overhead costs for many companies and require immediate attention during this critical time. Businesses all over the world rushed to examine their lease obligations in order to mitigate legal and financial exposure and conserve cash. How did companies account for the changes and impacts of stay-at-home orders and adjustments to their business?
This webinar answers the top 10 questions we receive about the new lease accounting standards. We share insight and knowledge about what you can do to be better prepared during the COVID-19 pandemic as it relates to your leases, and how it can help you prepare for the compliance deadlines in the future.
Real estate leases, one of the largest overhead costs for many companies, require immediate attention during this critical time. The sweeping impact of COVID-19 has caused businesses all over the world to rush to examine their real estate lease obligations in order to mitigate legal and financial exposure and conserve cash.
The substantial impact of GASB 87 has left many government entities and public sector organizations struggling to meet the new requirements of the standard. How can you be better prepared to perform the necessary lease accounting functions? In this webinar, you’ll learn how you can more easily become compliant with GASB 87.
In this webinar, we will provide a high level overview of the ASC 842 changes and how they affect your balance sheet. We will identify the proper way to account for the operating and finance leases on your balance sheet, so you can better plan how to comply.
In this webinar, we will take a look at lease accounting’s requirements, and compare how it can be done using lease accounting technology vs. manually. We will also take a look into what lease accounting software has to offer, and how to best select a software vendor. What questions should be asked when evaluating software vendors? How long will it take to get the solution up and running? What are the challenges companies are having in search for a vendor
America’s commercial real estate show: A deep dive into lease occupancy costs and CAM expenses
This is not our normal weekly show, this a 72 minute special edition podcast on lease occupancy and CAM costs. This was taped on stage at the Cobb Galleria in Atlanta at the Georgia Society of CPAs annual real estate conference. Featuring Marc Betesh, President and CEO of Visual Lease.
