Leasing Standard Compliance

Staying compliant is important now more than ever as the Governmental Accounting Standards Board have released new mandates related to accounting for leases.

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Staying compliant is important now more than ever as the Governmental Accounting Standards Board have released new mandates related to accounting for leases.

Are you prepared for the new lease standard?

The Governmental Accounting Standards Board (GASB) 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, and technology, among others.

The standard is effective for annual periods beginning after December 15, 2019. 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 recordkeeping and accounting work that will be required with the new standard.

For organizations that manage a large number of leases, the time to start planning and preparing your organization for the new standard is now.

Challenges posed by 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 GASB 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 GASB lease standards challenges for your organization.

  • Are you able to identify and understand what your entire lease portfolio looks like?
  • Do you have the ability to collect and 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 and meet the timeline for adoption?

The power of partnership between blumshapiro and AMTdirect

  • Ensure compliance with GASB leasing standards with the most robust GASB compliance technology on the market
  • Gain access to a team of experienced, expert GASB compliance professionals
  • Centralize management of all real estate and equipment leases
  • Improve process controls and reduce risk
  • Get unparalleled transparency with anytime access to location characteristics, contracts, costs and much more
  • Ease of recalculation from lease modification and changes
  • Trusted advisors that will deliver services tailored to your direct needs

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