Finance executives can use the Lessee Handbook as a roadmap for updating their processes and controls as they prepare for the new FASB and IASB lease accounting standard to satisfy auditors, shareholders, and internal stakeholders. Including 20 best practices for leasing operations, the Lessee Handbook provides timely, practical guidance and insight to lessee finance executives, helping them to:

Become familiar with the laws and compliance standards related to leasing and asset management operations

Obtain the latest information about compliance effects on lease operations, accounting, and reporting

Identify the problems with leasing and asset management operations typically found in lessees

Understand what is required from their team to fix operations and drive bottom-line results

Apply the best practices to achieve goals and meet requirements

Build a business plan for improving both compliance and the financial performance of leasing and asset management operations

Using innovative practices, finance executives can improve leasing and asset management operations while attaining lease compliance. Leasing represents an aspect of financial management that, in most companies, could benefit from the diligence that results from compliance. Through effective leasing and asset management, financial executives can reduce costs, increase efficiency, and comply with pertinent regulations. The Sarbanes-Oxley era was the last time that the audit community focused on leasing processes and portfolios from a controls and reporting perspective — and SOX compliance audits resulted in a significant spike in restatements. Lessees can avoid significant deficiencies, material weaknesses, and restatements when the new lease accounting standard is issued by applying the recommendations in the Lessee Handbook now.