Cash is King, especially in today's uncertain economy. We will share with you how you can preserve cash and raise EBITDA through active Lease Management.
In this episode, John Scott, Senior Technical Accounting Adviser at Bramasol, shares insights of ASC 842 that applies to private companies and key issues that need to be addressed in order to succeed.
The future of real estate management is here. Learn how SAP's Cloud for Real Estate solution combines leading edge visualization tools and animation with deep Real Estate and Leasing functionality to bring you the world's best solution.
Many of you are in the midst of filing your first quarter ASC 842 adoption footnote disclosures. If you used brute force and/or a limited-scope point solution, how did that go? If you used a non-integrated solution, how did the reconciliations go between asset accounting and payments? Excel spreadsheets are not a realistic long term solution. Feel like you’re stuck in a dead-end now? You don’t have to be!
Just as you’ve been preparing to become compliant, audit firms have been preparing as well; determining what and how to verify and validate your disclosures. Bramasol determined that the best way for you to prove the accuracy of the data in your disclosures was to develop not only drill-through Disclosure Reports but also drill-through Validation reports. Your proof is in the details.
They promised that a standalone solution would work as well as any integrated solution and that integration and data management/migration were easy. And, that reporting is a snap. But is it really?
As the leading experts in SAP Leasing Solutions for ASC842 and IFRS 16, we know what works. Integration can be hard. Data validation is required far more than you expected and reporting is anything but a snap, especially if you need data from your ERP as well as your leasing solution.
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 ( “ASC 842”), Leases, which provides new guidelines that change the accounting for leasing arrangements.The new leasing standard becomes effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for:
The January 2019 deadline for compliance with new Lease Accounting standards, ASC 842 and IFRS 16, is now looming less than two months away. Are you ready? If not, Bramasol can help
If you thought ASC 842 Disclosures were just to make the SEC happy, think again. Leveraging Bramasol’s Disclosure reports and analytics on SAP S/4 can provide you with insights into your lease portfolio. Manage costs, understand interest rates and view your portfolios globally so you can have real insights into your leased asset portfolio.
With less than five months remaining until January 2019, when public companies have to comply with new leasing standards, ASC 842 and IFRS 16, your implementation plans should already be well underway.