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Lease Accounting Technology
Tools to decrease the complexity of compliance, processes and controls
The new ASC 842 lease accounting standard brings a wide range of implications to almost all organizations, and will require most operating leases to be reflected on the balance sheet—which by itself, is a sizeable task.
The data and systems challenges ASC 842 will bring to companies are significant and, without adequate planning and preparation, may be overwhelming. Given the time commitment required to implement the standard and the level of complexity involved, companies should start gathering data, abstracting leases, and selecting and implementing technology solutions soon to avoid challenges down the road.
RSM's Strategic Partners
We have strategic relationships with several key software providers in the space. Depending on your unique needs, we can implement one of these solutions to help with data aggregation, data cleanliness and support that will drive the timeliness and success of the lease data collection effort. These providers include:
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OurTechnology and Management consulting services, combined with our technical accounting capabilities allows us to provide services to help you through the entire scope of meeting the new standard from selecting the right solution through implementation and post go-live support.
We have analyzed the market to determine the capabilities of many solutions currently in the market and in development to meet the 842 requirements as well as handle other components of lease administration.
Implementing (ASC) 842 will likely require a lease accounting software package. These five topics are key areas for you to consider.
The complexities of ASC 842 changes are difficult to manage in-house, leading companies to consider lease accounting outsourcing.
Given the complexities of ASC 842, consider these critical factors for successful implementation of the standard.
While ASC 842 will affect leasing activities, technology solutions can help ease the burden that the new standard brings.
With ASC 842 deadlines approaching, you should start your software implementation now to ensure that you have time to choose a platform.
For global companies, local languages, currencies, systems and regulations can make the implementation process challenging.
An integrated team
RSM has assembled an integrated team comprised of members specializing in technical accounting and technology solutions to assist companies in implementing ASC 842. This multidisciplinary team addresses technology issues, internal controls, income tax effects and technical accounting questions. We also can help companies identify the best technology solution and ensure it is implemented to meet current and future business needs.