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AMTdirect Insights Blog

AMTdirect Insights Blog

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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11 Reasons Excel Won’t Work for FASB 842

Posted on 5/10/18 2:41 PM by Amber Bigler Newman in Lease Accounting, in FASB

Excel is one of the most popular software applications on the planet for good reasons. It’s extremely flexible. It’s cheap. Pretty much everyone knows how to use it to one extent or another, and it’s a great file format for uploading or downloading data from all sorts of other applications. What’s not to love?

In fact, in theory, you could use Excel for managing your entire business. It could be your CRM, your HR system, your inventory control solution, or your POS. It probably isn’t though. Why? Because these tasks are so important and so specialized that it makes sense to use applications that are designed for exactly that purpose. Doing so reduces risk, ensures consistency, and lets you take advantage of custom features that uniquely fit the task at hand.

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Angels & Sparrows Gather & Give Gala

Posted on 5/8/18 6:41 PM by Amber Bigler Newman in AMTdirect Team

Since 2007, the Angels and Sparrows Soup Kitchen has been working to fight hunger in Huntersville and adjacent towns of Cornelius (our headquarters) and Davidson as well as in the North Mecklenburg County unincorporated areas. AMTdirect has been a long time supporter of the organization, making space for our employees to volunteer to help the organization provide a nourishing lunch, Monday through Friday 11am-1pm, year-round to anyone who needs help.

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What Is Ad Hoc Reporting?

Posted on 4/26/18 6:06 PM by Nicole Hitner

This is a guest post by Nicole Hitner. Nicole is a Content Strategist at Exago, Inc., producers of embedded business intelligence for software companies. She manages the company’s content marketing, writes for their blog, and hosts their podcast, Data Talks.  We're grateful for her contribution. 

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