Big Changes Coming for Lease Accounting Standards
In early 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new requirements for lease accounting. Both IFRS 16 and ASC 842 are the result of the IASB and FASB efforts to meet the objective of improved transparency, comparability and financial reporting.
In addition to presenting a new set of challenges that need to be addressed by the end of this year, the changes in lease accounting also offer an excellent opportunity for companies to make major improvements in their end-to-end lease management practices.
All companies, whether lessors, lessees or both, need to leverage the process of changing their lease management methodologies. This will enable them to gain better visibility of their lease portfolios, streamline the process of lease management and reduce overall costs.
The opportunities for significant improvements span all lease categories, including:
- Real Estate Leases
- Equipment Operating Leases
- Software Leases
As an innovation partner with both SAP and Nakisa, Bramasol brings together a range of solutions and expertise to help you assess and implement the FASB and IASB leasing standards. These solutions unify disparate leasing data and provide a clear view to make informed decisions on leasing liabilities while conforming with the new requirements.
At SAP-Centric Financials, Bramasol and Nakisa will be providing an update on the latest SAP Leasing solutions aimed at helping you get ready for IFRS 15, 16 and 9 while also optimizing company-wide lease management.
