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The clock is ticking. The mandate to comply with the new FASB lease accounting standards (FASB 842) is upon us and companies must rethink the way they manage leases and other contracts. For organizations that manage a large number of leases the time to start planning and preparing your organization for the new standard is now.

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The clock is ticking. The mandate to comply with the new FASB lease accounting standards (FASB 842) is upon us and companies must rethink the way they manage leases and other contracts. For organizations that manage a large number of leases the time to start planning and preparing your organization for the new standard is now.

Are you prepared for the new leasing standard?

In January 2016, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board each released new mandates related to accounting for leases. The new leasing requirements will have far-reaching implications for your organization and in most cases will require both operational and system changes that will affect areas such as accounting, finance and reporting, real estate, tax and technology, among others.

For private companies, the standard is effective for annual periods beginning after Dec. 15, 2019, and interim periods after Dec. 15, 2020. While compliance is a must, the changes also present an opportunity for many to centralize, integrate, upgrade and automate processes and systems that are inadequate for handling the massive amount of additional record keeping and accounting work that will be required with the new standard.

blum’s dedicated team of lease compliance experts, along with AMTdirect’s unparalleled technology solution, will save you time and money. We offer a turn-key solution for FASB compliance and lease tracking, including disclosures, proper financial statement presentation, analysis, and evaluation of lease classifications. At blum, we understand the importance of getting the job done right. Let us solve all the new FASB lease standards challenges for your business.

How Will You Meet the Pending Deadline?

  • Are you able to identify and understand what your entire lease portfolio looks like?
  • Do you have the ability to collect & aggregate data across multiple locations or technology platforms?
  • Do you have the resources to handle increased disclosure requirements?
  • Do you have the right technology in place to store lease data and perform calculations, including calculations during the look-back period?
  • Do you have the resources you need to meet both ongoing business needs & meet the timeline for adoption?

If you answered “No” to any of the above questions, our team at blumshapiro can help.

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