Former AvidXchange SVP to Drive Leading Lease Management Platform Forward

AMTdirect, a leading technology and software company for lease administration and lease accounting, announced the expansion of its executive team with the appointment of Patrick Milburn as the company’s new Chief Technology Officer (CTO). The move comes as a result of the company’s accelerated growth due to the release of new lease accounting standards by FASB, IASB, and GASB and the demand for more advanced lease management solutions.

Private or public. Ready or not. A lease accounting compliance audit may be coming your way.

Right now, you might be one of the 5% of public companies in FASB ASC 842 post-transition mode. Or you might be in the majority of public companies who are somewhere in the grueling depths of compliance.

If you’re a private company, you’re probably feeling a false sense of security created by recent news of a delayed deadline.

Either way, there’s an elephant in the room: Will you be ready for an audit?

The final month of Q3 2019 is here. 

And in just the past two months, there have been a lot of changes flying around when it comes to lease accounting compliance.

Because of all the decisions being made around the new lease accounting standard recently, it can be difficult to keep track of what everything means and how it affects you. 

We’ve got you covered.

As experts in lease accounting software, our team stays updated on the latest in lease accounting and on the details of any policy, standard and rule update. 

With that in mind, here are the top stories and informative articles that reveal important information about lease accounting compliance. Use them to inform your decisions for the rest of the year, and beyond. 

Lease accounting compliance is a tall order.

Whether you’re a public company getting ready for round two of reporting or a private company gearing up for implementation, the FASB ASC 842 standard can’t be ignored.

And for good reason.

Turns out, there’s been a major miscalculation about deployment time for lease accounting compliance.

In fact, very few companies are ready.

When PwC conducted its 2018 accounting survey, 34% of companies were still early in the assessment phase with 6 months to go. 83% were less than halfway complete with the project. And one-third were unsure or doubtful they'd meet the effective deadline.

It’s time to get real about implementation, processes and controls to execute the new accounting standard accurately and on time.

The IFMA 2019 conference is a must if you have anything to do with facilities management.

Hosted by the International Facility Management Association (IFMA), the World Workplace 2019 Conference & Expo is the #1 place to learn about trends, technology and opportunities in facilities management.

Professionals from across the world will gather from October 16 - 18 in sunny Phoenix, AZ. They’ll hear from experts, mingle with peers, and gather information to inform decisions for their businesses.

If you’re still debating whether or not to attend, we’ve got 5 compelling reasons that will convince you to add this event to your calendar.

It’s a slow clap for companies who’ve implemented the new lease accounting standards.

That’s because most organizations made a mad dash for the finish line. In an October 2018 survey by PwC, more than 15 percent of public companies hadn’t even started implementation of FASB ASC 842 that took effect a few months later.

Private companies aren’t far behind.

News of a deadline extension - most likely due to procrastination and an overwhelming to-do list - is hot off the press.

Even for those who did meet the compliance deadline, most would admit it was little better than a hack job with an all-hands-on-deck approach and little-to-no expertise directing the veritable financial circus.

With 6 months to go before public companies submit reporting under the new FASB ASC 842 compliance standards once more, it’s time to start the cleanup process.

Companies must push themselves to rework the way their team functions to create processes, procedures, and controls for long-term success under post-FASB ASC 842 implementation.