New Lease Accounting Standard – Planning and Right Sizing your Implementation
Problem: Lease accounting changes are coming – FASB’s new lease accounting standard was released in February 2016 effective on 1/1/2019.
Solution: There are a lot of firms offering “solutions” typically in the form of a specific system or a methodology. We believe implementing the new lease accounting standards for most organizations requires a tactical accounting process implementation analyzing current processes and data before the solution can be determined.
GAP Resources’ tactical approach includes:
- Current State Analysis– Availability of data, estimated financial impact, accounting process options and current lease footnote disclosures.
- Lease Accounting Process Map– Managing lease data, options for accounting data feeds, manual and automated processes, future roles and responsibilities.
- Lease Accounting Implementation– Project tasks identification, lease accounting calculations, testing and go-forward documentation.
Benefit: Our approach “right sizes” the process and systems changes to our clients’ environment leveraging the existing environment where possible. The accounting, systems and compliance perspectives of GAP Professionals will help to ensure a sustainable solution that addresses all stakeholders’ needs including the close audit scrutiny that a new accounting policy will attract.
