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Lease tools emerge to aid in last-minute adoption work

Tammy Whitehouse | October 3, 2018

With less than three months until new lease accounting rules take effect, new tools are emerging to help companies that are still working on implementation.

Software firm LeaseAccelerator has published a checklist of 90 items companies can use to make sure they haven’t missed any important aspects of adopting the new rules under Accounting Standards Codification Topic 842. Taking effect for calendar-year public companies on Jan. 1, 2019, ASC 842 will bring leased assets and related liabilities out of financial statement footnotes and onto the face of the balance sheet for the first time.

The checklist is meant to help companies think through adoption issues related to their accounting policies, elections they need to make under the standard, their transition strategies, and the readiness of various business processes and the organization as a whole. It also zeroes in on data and systems readiness, lease accounting application interfaces with other financial systems,...

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