FASB lease accounting compliance is a tall order.
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.
Your Easy Button for Lease Accounting Compliance
Over the past two years, we’ve helped hundreds of public and private companies implement the new lease accounting standards.
We’ve talked to a lot of finance teams, real estate teams and executives about the challenges with lease accounting compliance. There were definitely success stories, but it was an uphill battle.
In order to help companies better understand exactly what they face and how to tackle it successfully, we’ve created an all-in-one free resource called The Lease Accounting Compliance Readiness Kit.
Inside this lease accounting tool kit, you’ll find an ASC 842 timeline calculator, a comprehensive list of implementation challenges you might be up against, and a lease data checklist and worksheet.
It’s a goldmine for FASB ASC 842 implementation and processes.
This comprehensive resource is designed to give you a better vision for the project phases, how to avoid common mistakes, and simplifying your to-do list.
A few of the goodies inside include:
- The complete FASB 842 project plan in Excel format
- The 9 project phases and their individual timelines and date ranges
- A comprehensive eBook about FASB 842 Implementation Challenges
- A whitepaper outlining your lease data checklist and worksheet
We’re serious about sharing our knowledge and helping companies get this right. The information used in this kit is based on 20 years of experience in the lease administration business.
These are the ACTUAL project plans and timelines we've used for deployments on hundreds of customers across hundreds of thousands of leases.
We know this Lease Accounting Compliance Readiness Kit will help you understand the scope of your deployment, help you map out the stages of your project, and make the entire lease accounting compliance process easier.
Ultimately, it will move you a bit closer to your go live moment with a few less surprises.
You’re Already Behind
Sadly, companies don’t have much time to implement lease accounting compliance.
With an average implementation timeline of 4-6 months, that doesn’t leave many hours for evaluating software, data abstraction, process controls and team training.
We know there are a thousand things on your schedule.
But prioritizing this project now will mean smooth sailing for years to come. Whether you're pushing to meet the January 1 reporting deadline or a 2021 date, the time to start is NOW.