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AMTdirect Blog

AMTdirect Blog

6 Tips for Managing the Transition to the New FASB Standards

Posted on 2/17/20 7:00 AM by Haley Martin in FASB, in Lease Accounting, in Compliance

It’s already halfway through Q1. Time is definitely ticking away.

The number of days left to complete your transition to the new FASB standards is quickly dwindling--although there is that one extra day for Leap Year.

If you haven’t yet begun ASC 842 implementation, the best tip we can give you is to start now.

In fact, it’s so important that it bears repeating. 

The time to begin your transition is now.

Transitioning to the new lease accounting rules is a complex endeavor that can take companies substantially more time and resources than they originally planned for. In a survey of both public and private companies by KPMG, 75% of respondents reported that they were facing challenges with implementation, leaving only 25% who said they were on schedule.

To eliminate some of those challenges and facilitate a smoother, more efficient process from start to finish, we offer these 6 tips.

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GASB 87 Leases vs. FASB 842: How Are They Different?

Posted on 2/10/20 7:00 AM by Haley Martin in FASB, in Lease Accounting, in GASB, in Compliance

It may not be glitzy and glamorous, but like The Great Gatsby, GASB 87 deals with appearances versus reality. 

And so does its nongovernmental counterpart, FASB 842.

In fact, the aim of all the new lease accounting standards is to make a reporting entity’s financial statements more transparent, thereby reflecting a more accurate picture of its financial health. This is true especially with regards to the economic substance of its leases.The new lease accounting guidance from all three boards moves substantially all leases onto the balance sheet. There are other changes, but that shift is the major, monumental one that will impact an entity’s financials the most.

Up till now, both private and public companies as well as governmental entities have been allowed to disclose operating leases only in the footnotes. 

But the problem with not including operating leases on the balance sheet is that an organization can look as though it has far fewer liabilities than it actually does. Appearances vs. reality.

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Lease Accounting Software Vendors: Top Performer AMTdirect

Posted on 2/5/20 10:58 AM by Haley Martin in FASB, in Lease Accounting, in Compliance

AMTdirect Named Top Performer in the 2020 Lease Accounting Software Category published by FeaturedCustomers. 

CORNELIUS, N.C. - Feb. 5, 2020 - AMTdirect has been named a Top Performer in the Lease Accounting Software category for the Winter 2020 Customer Success Report published by FeaturedCustomers. FeaturedCustomers is the leading customer success content marketing platform for B2B business software & services helping potential B2B buyers make informed purchasing decisions through vendor validated customer success content such as customer testimonials, success stories, case studies, and customer videos.

FeaturedCustomers evaluated all the potential Lease Accounting Software vendors on its platform for possible inclusion in the report. Only 10 companies met the criteria needed for being included in the Winter 2020 Lease Accounting Software Customer Success Report. AMTdirect earned a Top Performer award in the category.

The Customer Success Report is based on the curation of authenticated case studies, testimonials, and videos from across the web, telling a complete story of vendors in the Lease Accounting Software space through real customer experiences. Rankings are determined by multiple factors including total number of customer success content, social media and market presence, vendor momentum based on web traffic and search trends, and additional data aggregated from online sources and media properties.

The Top Performer designation is awarded to vendors with significant market presence and enough customer success content to validate their vision. Highly rated by customers, AMTdirect consistently publishes high quality, vendor produced customer success content and curates quality customer references from multiple third-party sites.

View AMTdirect's full profile here

"AMTdirect is honored to be named a top performer in the Winter 2020 Lease Accounting Software report," says Haley Martin, VP of Marketing for AMTdirect. "We put a lot of energy towards creating relevant contact that adds value for our customers and we're excited to be recognized for our efforts."

About AMTdirect
Founded in 1996, AMTdirect is one of the largest and most experienced SaaS companies in the lease administration and accounting technology space. Trusted by over 650 of the world's most well-known brands, AMTdirect serves companies of all sizes in the retail, healthcare, hospitality, manufacturing, higher education, and business services sectors. For more information, visit www.amtdirect.com or call (704) 896-3118.

About FeaturedCustomers
FeaturedCustomers, the world’s only customer reference platform for B2B business software & services, helps potential B2B buyers research and discover business software & services through vendor validated customer reference content such as customer testimonials, success stories, case studies, and customer videos. Every day their platform helps influence the purchasing decisions of thousands of B2B buyers in the final stages of their buying cycle from Fortune 500 companies to SMB’s. For more information, visit  their website.

Media Contact
Haley Martin
hmartin@amtdirect.com 

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ASC 842 Practical Expedients: Do They Spell Relief?

Posted on 2/3/20 7:00 AM by Haley Martin in FASB, in Lease Accounting, in Compliance

Years ago there was a TV commercial for an antacid that claimed its name spelled relief

Right now 45% of private companies with 100-499 leases report they’re somewhere in the implementation process. Another 40% admit they are only as far as assessing the impact of FASB ASC 842 on their business and financial reporting.  

Both groups are looking for ways to alleviate the stress (with accompanying heartburn), cost  and scope of the implementation process.

Fortunately, in terms of ASC 842, the board has periodically issued amendments to the guidance that can offer some much needed relief. These ASC 842 practical expedients are meant to ease the burden--both the financial aspects and complexity--of transitioning to the new lease accounting standards.

Of course, the publication of practical expedients after a new major regulatory change is nothing new. Revenue recognition had its own set not too long ago.

Without compromising the quality of a company’s financial reporting, the ASC 842 practical expedients can simplify the transition requirements for lessees and to a lesser extent, lessors.

(A bit of a pun intended.)

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Lease Accounting Software Solutions: AMTdirect Joins Ellucian Community

Posted on 1/28/20 7:00 AM by Haley Martin in FASB, in Lease Accounting, in Compliance

AMTdirect Joins the Ellucian Partner Community to Offer Lease Accounting, Administration, and
Facilities Management Solutions to the Higher Education Industry

CORNELIUS, N.C. - Jan. 28, 2020 - AMTdirect, an industry-leader with a 20+ year history in
lease accounting, administration and facilities management, today announced that it has partnered with Ellucian, a leading provider of software and services built to power higher education.

Through this partnership, Ellucian customers can now take advantage of the ease and simplicity of
AMTdirect's integration to Ellucian solutions, while complying with the new lease accounting standards.

"We are excited to be a part of the Ellucian community," said Jeff Ralyea, CEO of AMTdirect. "It's evident that colleges and universities have a need for an all-in-one lease administration and lease accounting software solution. GASB 87 will require institutions to change business processes, systems, policies, and procedures to ensure that virtually all leases are recorded on the balance sheet. AMTdirect can help make the transition as smooth as possible and provide additional value across the organization when it comes to managing leases, facilities, work orders, and inventory."

"Ellucian's partner network supports institutions with software and services as they work to achieve their important mission," said Ellucian Senior Director of Partnerships Andrea Henry. "Our partners' applications integrate directly with Ellucian solutions and work in lock-step with the company to provide a better overall technology experience for institutions around the world. We are excited that AMTdirect is joining this community."


About AMTdirect
Founded in 1996, AMTdirect is one of the largest and most experienced SaaS companies in the lease administration and accounting technology space. Trusted by over 650 of the world's most well-known brands, AMTdirect serves companies of all sizes in the retail, healthcare, hospitality, manufacturing, higher education, and business services sectors. For more information, visit www.amtdirect.com or call (704) 896-3118.

Media Contact
Haley Martin
hmartin@amtdirect.com 

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Guidance on the New Lease Accounting Standards: Advice from the Big 4

Posted on 1/27/20 7:00 AM by Haley Martin in FASB, in Lease Accounting, in Compliance

There are words to live by. And words to comply by.

When it comes to guidance on the new lease accounting standard, any words of wisdom from the Big Four is due attention. 

And with only 40% of private companies reporting that they’ve begun implementation and another 35% putting it off because of the deferred deadline, there are still many organizations that can benefit from what the world’s leading accounting firms have to say.

Generally, the Big Four echo the common caveat that the FASB ASC 842 implementation process will be more time and resource intensive than expected. And their basic advice is much like that of the majority of accounting professionals industry wide:

  1. Start the process now, if you haven’t already.
  2. Assemble a multi functional team who will meet early and often.
  3. Make sure accounting spends adequate time on the approach, policies and procedures before involving IT.
  4. Involve auditors in the process.
  5. Assess your IT capabilities.
  6. Consider updating or on-boarding lease accounting software.

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