The deadline for private companies to implement the 金融 Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 842 is fast approaching.
While the standard was effective for public companies in 2019, private companies have continued to receive deferrals on the implementation date, 最近的ly being pushed back from years beginning after December 15, 2020年至12月15日之后开始的年份, 2021.
Through our experience in working with many of our clients who have already adopted ASC 842, we have included a listing of five key lessons learned from the adoption of this standard.
Most organizations that have adopted the new standard have found that the implementation process took much longer than originally planned. The process will require changes to business processes and controls, 确认所有租赁协议, 数据的抽取, 并可能实现新的软件.
一旦这个过程开始, organizations have found their knowledge of their leasing portfolio may not be as strong as they thought. 知道所有的关键数据点是至关重要的. Many have found there to be more lease agreements than their accounting departments were aware of. There have also been many situations where there was little to no documentation of lease agreements or outdated information on the leasing structure. Another significant issue has been embedded lease agreements. Organizations will be required to assess current service contracts to identify if they qualify as lease agreements.
标准中涉及的所有细微差别, it is critical to have more than just your accounting department involved in adoption and implementation. 其他应该涉及的关键领域包括法律, IT, purchasing and any other areas that may have knowledge of any leasing needs or will be included in the collection of key data.
The adoption of ASC 842 will have a significant impact on the balance sheet of many organizations. 避免不必要的并发症, be sure to discuss the expected impact with all key stakeholders involved early in the process. 这包括组织内部和外部的人员, 比如董事会, 管理, 银行和投资者.
Selection and implementation of a lease accounting software will be vital to ensure a smooth implementation of ASC 842. 是否是数据收集, 每月分录的输出或报告的生成, the software must be easy to use with little learning curve required. It is important to know how a new system connects with existing software applications, as well.
Organizations need to find a suitable solution for calculating the FASB ASC Topic 842 right-of-use assets and lease liabilities at the transition date and the subsequent lease accounting. 一般, an Excel-based solution would be appropriate for a noncomplex portfolio of 10 or fewer leases. If the lease profile is more complex or greater than 10 individual leases, 租赁软件解决方案可以更好地bet9平台游戏于管理, 如 simpLEASE. 除了提供给我们的客户 simpLEASE, Schneider Downs provides advisory services for the technical aspects of lease accounting. For more information concerning lease accounting and the impact on your organization, 请浏览 施耐德把我们的想法放在 写博客或发邮件给我们 (电子邮件保护).
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