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Using Software To Simplify FASB and IASB Lease Accounting Changes

Date: 30 June 2017

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8 pages

EXECUTIVE SUMMARY

Under new accounting standards issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), organizations need to bring all leases on balance sheet by capitalizing the leased assets. This new requirement, which will be compulsory in 2019, will create significant administration challenges for finance and real estate teams at large multi-site firms that can hold hundreds of property leases and thousands of equipment leases. This report reviews the role for software solutions to help organizations with applying the changes consistently, quickly and at scale. The report provides building tenants, owner-occupiers and real estate investors and asset managers with eight critical checkpoints they need to consider before investing in a software solution to help manage the upcoming changes.

TABLE OF CONTENTS

Using Software To Simplify FASB And IASB Lease Accounting Changes: Eight Critical Questions When Selecting A Solution
The New Lease Accounting Standards Start This Year And Will Be Compulsory In 2019
Software Solutions Can Take The Pain Out Of Putting Leases On The Balance Sheet
Eight Critical Check Points When Selecting A Software Partner To Support New IASB and FASB Lease Accounting Standards

TABLE OF FIGURES

Figure 1. Key Differences Between US GAAP And IFRS Lease Accounting Requirements

ORGANIZATIONS MENTIONED

Accruent, ARCHIBUS, Bouclair, Deloitte, Drivers Jonas, DXL, Bashas’ Family of Stores, Fell Lease Administration, Financial Accounting Standards Board (FASB), FM:Systems, IBM, International Accounting Standards Board (IASB), JLL, Kira, LeaseQuery, LEVERTON, Lucernex, MCS, Planon, ProLease, Qube Global Software, Suburban Propane, Trimble, World Federation of Exchanges.