As we move into 2021, companies are finalizing their plans, budgets and operational improvement processes for the coming year. One of the key challenges that many organizations face is how best to optimize and integrate their ASC 842 / IFRS 16 compliance within their overall business systems.
Lease Accounting Optimization with Contract and Lease Management (CLM): How to move beyond the roadblocks created by sub-optimal compliance methods.
“Real-time data” is a very popular term in the world of reporting and analytics. Timeliness of reporting can deliver good returns to the business. Companies reporting in real time are better positioned to do strategic planning and attract investors.
As a leader in compliance and finance innovation, Bramasol has introduced a new purpose-built CLM Rapid Solution that enables companies like you to quickly get up and running for ASC 842 or IFRS 16 compliance. It leverages the power of the industry’s leading leasing solution, SAP CLM, and combines it with Bramasol’s deep experience to provide a quick start that can get you up and running in 8 weeks instead of months or years and for a price that you can afford.
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.
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!
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
eBook - Real Estate Leases Accounting and Business Considerations for Implementation under ASC 842 / IFRS 16
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
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.
In 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new standards for lease accounting: IFRS 16 & ASC 842, which must be implemented by 2019. Both IFRS 16 and ASC 842 are the result of a joint effort between the IASB and FASB to meet the objective of improved transparency, comparability and financial reporting. These changes will impact virtually all companies, whether lessors or lessees.