Plan ahead to join Bramasol and other SAP Professionals at SAP Controlling 2018 conference in San Diego, CA on September 17-20, 2018.

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

During the lead-up to implementation of the new Revenue Recognition standards, ASC 606 and IFRS 15, companies chose a variety of paths to get ready. 

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 lease accounting standard ASC 842 is effective for public companies beginning January 1^st, 2019. The primary purpose of the standard was to address the fact that most operating leases are deemed off balance sheet financing arrangements and currently are only disclosed via a company’s financial footnotes in the “Commitments and Contingencies” footnote.

This recent article in Accounting Today provides a useful summary of the key issues that companies are facing as they get ready for compliance with IFRS 16 and ASC 842.

If you think of today’s businesses as being like complex organisms, then it becomes easier to understand the critical role of advanced analytics in monitoring organizational health and supporting growth. Just as your body’s nervous system, immune responses and circulatory network provide continuous sensory feedback to identify problems and maintain healthy functioning, your company’s analytics processes are critical for organizational adaptation and survival.

Disclosure and Analytics on SAP Analytics Cloud (Next Tuesday: June 26, 2018 - 10 AM PDT / 1 PM EDT)

A recent article in Accounting Today provides an interesting look back at lessons learned during the adoption of new Revenue Recognition standards, along with analysis of the implications for similar upcoming projects, such as implementation of new Lease Accounting standards.