Nakisa, Bramasol's partner for leasing solutions, has announced general availability of the new 4.0 version of Lease Administration by Nakisa.
Bramasol, the leader in compliance and finance innovation solutions, has announced a new, purpose-built product that reduces complexity and implementation costs, to give companies across a variety of industries a ready-to-deploy solution for lease accounting disclosure reporting and compliance.
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Watch how Bramasol helped a Leading Multinational Retail Giant comply with Leasing Standards ASC 842 and IFRS 16
The customer is a Leading Global Organization and Multinational Retailing Corporation with annual revenues in excess of US$480 billion and which is one of the largest private employer in the world with over 2 million employees. As an international company, our customer is impacted by the new lease regulations ASC842 and IFRS16 that will take effect from January 2019.
A recent article in Accountancy Daily looks at the important challenges that companies are facing as they prepare for implementation of new lease accounting standard, IFRS 16.
This recent article in Global Finance provides an excellent overview of challenges facing companies regarding compliance with new Lease Accounting standards, ASC 842 & IFRS 16, "Companies Brace to Put Leases on Balance Sheet".
As the January 2019 deadline for implementing new lease accounting standards (ASC 842 and IFRS 16) approaches, FASB has been addressing a number of issues that arise with regard to transitioning from current regulatory practices to the new standards.
Issued by the IASB (International Accounting Standards Board), IFRS 16 & ASC 842 lease accounting requirements go into effect starting on January 1, 2019. The new standards require extensive reporting detail and have the potential for major impact on companies' balance sheets and income statements. Industry experts advise companies with large lease portfolios to allow significant time in advance of the deadline to identify, compile, and evaluate lease contracts.
On January 5, 2018, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) regarding the new lease accounting standard ASC 842.
With arrival of 2018, many companies are now shifting into a higher gear toward implementation of the new lease accounting standards, ASC 842 and IFRS 16.