If you haven’t done so already, you urgently need to form a cross-functional FASB/IASB project team — comprising key people from your real estate, finance and IT departments (and possibly other functional departments too). This team of experts should be tasked with thoroughly reviewing your existing lease accounting processes to identify the changes that need to be made.
It’s also essential to compile a complete list of your real estate, vehicle and equipment leases and create a compliance plan — paying particular attention to how your current lease portfolio (and any new leases in the pipeline) will be impacted by the new financial reporting requirements.
You should also be taking steps to evaluate lease management and lease accounting systems, such as Manhattan, that will offer you the highest level of support as you prepare for the new standards. Implementing your new lease administration system prior to the rollout of the new rules will help to make the transition process much easier.
Remember, failing to comply with the new standards by either 15th December 2018 or 1st January 2019 could put your company at risk …
Dedicated to helping you meet the new US GAAP and IFRS Lease Accounting Standards, the Trimble Manhattan team has been thoughtful and deliberate in its development of the new Manhattan FASB/IASB functionality.
To learn more, please visit 'Are you on the road to FASB/IASB compliance?'