AMTdirect is excited to announce that Polaris Industries has decided to join the AMTdirect community. The AMTdirect solution will help Polaris manage all of its leased assets and be prepared for new lease accounting requirements that go into place next year.
Time is running short for compliance with the new FASB 842 and IFRS 16 lease accounting mandates. Selecting the right technology solution is essential for meeting the deadline in the short term and streamlining ongoing compliance into the future. There are several types of solutions on the market, so it can be difficult to know exactly what to look for. Here are some questions you can ask any vendor you consider to ensure you are getting the technology you need.
A key component of complying with the new FASB 842 and IFRS 16 lease accounting standards will require investment. An overwhelming majority (92 percent) of respondents from The Great Accounting Challenge: KPMG’s 2016 Accounting Change Survey believe they will need to upgrade their lease accounting system or invest in new technology as a result of the new lease accounting guidelines. In addition, 77 percent say that technology upgrades will be the most challenging part of compliance.
We are often asked if the new lease accounting standards are a real estate management or an accounting problem. The answer is yes! In fact, those aren’t the only groups that will be affected. The new standards have a much more far-reaching impact than most changes to accounting rules, so folks across the organization will need to step up to the plate to tackle this difficult challenge. Here are some functions to consider.
As we usher in the new year, many organizations are turning their attention from the implementation of the new FASB revenue recognition standards to the new lease accounting standard. Time is running short, and many accounting and real estate teams are finding that compliance will be more challenging than initially expected.
This week, the Financial Accounting Standards Board (FASB) decided to attempt to reduce costs and decrease the challenges associated with implementing the board’s new lease accounting standard (FASB ASC Topic 842). The announcement contains some potentially good news for AMTdirect customers.