Changes to the FASB/IASB lease accounting standards will impact your company’s financial reporting. AMTdirect has tools and experts on staff to help you get prepared.
During a FASB/IASB Financial Impact Assessment we will analyze the financial information you already have in AMTdirect, inform you on what the changes will mean to your portfolio, and let you know the scope of work to implement our FASB/IASB Manager solutions.
Your FASB/IASB impact assessment will cover:
Current Procedures - We’ll talk about your current processes for handling FASB/IASB reporting, your account codes, the workflow, and timelines.
Lease Assumptions - With AMTdirect you can make assumptions to your FASB/IASB calculations for general rules your company follows, such as whether or not to include Options. Together, we’ll take a look at some rules we can apply to your portfolio.
Data - For our FASB/IASB Manager to work properly, we need to take a look at your current data to verify that charges are set up correctly. Also, we’ll discuss data points that will be necessary to gather during the implementation process like Right of Use Asset and Indirect Cost balances or Interest Rates.
Journal Entries - We’ll discuss the data export of journal entries from AMTdirect into your accounting software, as well as how to establish these account codes and properly map them. Sample journal entry reports will be generated to exhibit the details that will be sent.
Reporting - AMTdirect’s Report Builder works in conjunction with FASB/IASB Manager to create reports that can be used to track your portfolio’s Net Present Value (NPV), Right of Use Assets, and more. In addition to our standard reports, you can create additional reports customized for the specific data you’re interested in.
Financial Statement Impact - Our AMTdirect staff will take a sampling of your data and, based on the assumptions discussed, give a comparative look at impact the changes to the FASB/IASB standards will make to your financial statement.
Project Plan - Based on the size and scale of your project, we’ll come up with an estimated project plan that you can use to determine when you need to get started on this endeavor. While this is to be used as a guideline and not an official claim of the time it will take, it will help you make a more informed decision on how much time all of the components of the project take.