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AMTdirect Insights Blog

AMTdirect Insights Blog

Amber Bigler Newman

Recent Posts

The Real FASB 842 Timeline Calculator, Gantt Chart & Project Plan

Posted on 8/14/18 5:47 PM by Amber Bigler Newman in FASB

The clock is running down.

If you're a public company - with 6 to 9 months to implement FASB ASC 842 before the January 1st deadline - you've got a lot of work to do... and not a lot of time to do it in.

And if you're a private company with a little over a year to implement the mandate... time's still not on your side.

One thing is for sure...

Very few people are ready. In fact, PwC's accounting survey tells the shocking story that only 1% of companies are ready. 34% are still early in the assessment phase. 83% of all companies are less than 50% complete with the project. And one-third are unsure or doubtful they will meet the effective date.

So basically, that means everyone's scrambling to meet the deadline.

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The Truth Behind FASB 842 Implementation No One's Talking About

Posted on 8/8/18 8:06 PM by Amber Bigler Newman in FASB, in Lease Accounting

It's no shocker...

You know what the FASB ASC 842 lease accounting standard is.

After all, it's been out in the wild for some time now. Comprehensive articles have been written about it by experts in the financial field. And public companies have to implement it by January 1.

So of course you know what's required. Right?

If you're like the majority of public and private companies in the United States, the nitty gritty of FASB 842 is a bit of a mystery. 

With that in mind, we're putting our expertise to good use by revealing the truth behind the accounting standards change no one's talking about.

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The Dirty Little Secret About the Simplified FASB 842 Implementation Requirements

Posted on 7/31/18 1:39 PM by Amber Bigler Newman in FASB

The FASB ASC 842 accounting standards changes bring virtually all leases out of the footnotes and into the bright shining light of financial statements.

What this means is a 360 degree shift from the way things have always been done.

Corporate balance sheets will now host trillions of dollars worth of new assets and liabilities. This will provide a practical expedient for lessors, as it gets rid of the headache of separating lease components from non-lease components in certain contracts.

And although there’s a lot of good coming out of the new standards … there’s also an ugly side to the changes that shouldn’t be ignored.

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3 Hidden Facts About FASB 842 Implementation Too Important to Ignore

Posted on 7/5/18 2:43 PM by Amber Bigler Newman in FASB

Lease data is the heart of FASB ASC 842 compliance.

The thing is, it’s proven tougher to get than most companies expected.

When it was first released, no one knew what to expect when it came to timeline or process for making FASB 842 happen.

But as time has shown, there are a lot of unexpected complications.

In fact, the new rule will require you to abstract as many as 55 data elements from leases in order to determine the lease status and meet compliance requirements. It’s a tall order that requires careful understanding of the updated accounting standard.

To help shed light on the topic, we’re revealing 3 hidden facts about FASB 842 implementation you might not know… but that are too important to ignore if you want to successfully execute the new accounting standards.

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A FASB 842 Compliance Match Made in Heaven: AMTdirect & RSM

Posted on 6/20/18 1:01 PM by Amber Bigler Newman in Partners, in RSM, in FASB

The prospect of tackling the FASB ASC 842 lease accounting changes can be terrifying...

Everything about how you report on leases is changing.

You don’t have much time to implement it.

And the consequences are severe.

To help alleviate their compliance fears, many companies are turning to software and technology companies to help them smoothly and accurately get these changes made.

After all, who wouldn’t want a team of experts at their back showing them exactly what they need to do to comply?

That’s exactly why we’ve teamed up with RSMIt’s a partnership that provides our customers with a seamless path to compliance with the lease accounting and reporting requirements.

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Should You Trust Lease Accounting Implementation to the Lowest Bidder?

Posted on 5/25/18 12:35 PM by Amber Bigler Newman

The new FASB ASC 842 and IFRS 16 lease accounting mandates constitute a significant challenge for mid-sized organizations. They require a level of scrutiny on real estate and equipment leases that has never been seen before.   While most retailers already have all of the data necessary for compliance in a digital system, most other organizations may be starting from scratch when it comes to lease compliance.

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