The new changes to lease accounting under generally accepted accounting principles (GAAP) will require more technology and resources than many lease administration departments and accounting firms are equipped to deal with.
KBA is prepared to keep you ahead of the curve by minimizing the impact of these changes. We can help you to reduce both time and expense.
- Educate management regarding the affect the accounting changes will have on reporting requirements and business functions
- Determine the Scope and Composition of Portfolio
- Assess the magnitude of the new accounting changes’ impact on company reporting
- Identification of Requirements from Key Stakeholders
- Gap Analysis of missing data and information
- Identification of Resources / Systems
- Gap Analysis of system requirements
- Development of new system solutions and procedures to streamline the influx of new information
- Structure adequatedata collection, storage and reporting framework
- Document Collection
- Identify all leases and develop an abstract matrix to best satisfy the new standards
- Abstracting / Data Scrubbing
- Account for all leases, subleases and transaction approval
- Systems Implementation
- Critical information to be integrated into an enhanced lease administration system
- Lease Auditing
- Ensure all leases are as trim as possible to reduce the net effect on the balance sheet
- Financial Modeling
- Segregation of Service Components
- Financial Projections
We have also developed a customized FASB module within Visual Lease® to ensure ease of compliance and accuracy for current and future accounting periods.