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.

The deadline for new Revenue Recognition standards, ASC 606 and IFRS 15, has arrived. 

With implementation of ASC 606 and IFRS 15 now in full swing, one important area that has moved to the forefront is how to work with your auditors to help with a smooth transition and to assure compliance. 

Corporate finance professionals face many challenges. They need to reduce the amount of time spent on inefficient month-end/year-end closing processes, improve their ability to extract timely and accurate financial information and streamline overall operational end-to-end business processes.

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. 

The deadline for new Revenue Recognition standards, ASC 606 and IFRS 15, is arriving on January 1, 2018. Yes, that is next week!

The SAP Digital Core is built around the S/4HANA architecture, which combines in-memory data and processing capabilities for maximum performance and scalability, along with a consistent interface for integrating virtually any other applications. Using S/4HANA Cloud, CFOs can seamlessly unify their information landscape to remove gaps and ease the pain-points arising from the inefficient segmentation of information.

Often times the day-to-day world of CFOs and their staff can feel like living in a blizzard of multi-tasking in which they are buffeted by winds blowing in many different directions.