Time is running short for compliance with the new FASB 842 and IFRS 16 lease accounting mandates. Selecting the right technology solution is essential for meeting the deadline in the short term and streamlining ongoing compliance into the future. There are several types of ASC 842 software solutions on the market, so it can be difficult to know exactly what to look for. Here are some questions you can ask any vendor you are evaluating to ensure you are getting the ASC 842 software you need.
Since 2010, the Financial Accounting Standards Board (FASB) has been considering significant changes to the way leased real estate and other assets are reported by public companies. The new lease accounting standards were announced last year and will go into effect for pivate companies and public companies with private debt on December 15, 2018 and for public companies on December 15, 2019 It is important that business leaders think about what this change will mean for them and how they should prepare.
What will change?
AMTdirect has been helping customers keep occupancy costs down for more than 20 years by supporting effective lease administration and critical date management. But many clients are still paying more for their locations than the lease requires.
Variable charges for leases can be complex and difficult to calculate correctly for both tenants and landlords. Overcharges in common area maintenance, insurance, taxes, repairs & maintenance, construction costs, and more are shockingly common. And let's face it, lease audits are a pain in the neck.
If you are not yet an AMTdirect client, you don't have to be jealous of Valerie. Let us show you how automated scheduling and distribution is just one of the ways that AMTdirect can simplify your life, reduce errors and omissions, and help your team lower overall occupancy costs.
For the next couple of weeks we’ll be featuring blog posts based on some of the sessions at our just completed Insights Industry Forum and Customer Workshop. The event was an information packed combination of panel discussions, presentations and class room sessions. Today, we’ll recap the session presented by Bobby Capobianco, one of our crack team of installation managers, on data hygiene & maintenance.
“Not another one,” he exclaimed. Kent was a long-time customer, now friend. He and I had just wrapped up a series of successful morning meetings, so we decided to reward ourselves with some much needed coffee. As we settled in to the break room nearby, I chose a particularly tasty Dark Columbian roast. Kent, on the other hand, chose to check his email. Poor choice. All at once, he looked exhausted…beaten. I feared something awful must be in that email. A layoff maybe? An unexpected pregnancy? They found another Kardashian? (Overactive imagination? Maybe…but the suspense was killing me.) Thankfully, I didn’t have to wonder long. As I passed him a cup of coffee, he rolled his eyes and groaned, “Another &#@! estoppel request.”