One of the biggest obstacles that most companies face as they prepare to meet the new FASB 842 and IFRS 16 lease accounting mandates is that most don’t have a centralized repository for all leasing information. Many have real estate leases in some type of system, but equipment leases and other contracts are a different story. The number one answer we get when we ask clients and prospects how many equipment leases they have is, “I have no idea.”
So, if you are in that boat, you are not alone. We can’t tell you exactly where your leases are (unless you request our lease audit service), but here are a few places you might want to look.