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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.
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.
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 1st, 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.
On January 5th, 2018, the Financial Accounting Standards Board (FASB) proposed adding an optional transition method and another practical expedient for lessors to Accounting Standards Codification (ASC) 842, Leases, to reduce the cost and complexity of implementing the new standard.
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.
