Transforming the balance sheet: Navigating new lease standards for success paid Deloitte
Adopting the new standards will have a major effect on the preparation of financial statements and bring new light on business operations. Yetin 2018 revealed that, at the time, most organizations were not adequately prepared, and largely underestimated the impact of the new standards.
With both standards in effect, there are three key strategies CFOs and finance leaders must employ to ensure both compliance and a smooth transition: Today, efficient data management remains a top priority across all areas of business.
To address looming data challenges, diligent project management is required to initiate multi-disciplinary collaboration—accounting and finance must closely collaborate with information technology, real estate, tax and procurement departments to share the necessary data. Companies must implement new business processes, policies, controls and internal communications to ensure full compliance and appropriate disclosures for all existing and future leases.
Investing in accounting software will inform decision-making and minimize the time required to extract analysis. CFOs and accounting leaders in multinational organizations must also have global insight into how the combined new US and international standards will change reporting requirements across multiple jurisdictions.
To address this challenge, businesses should develop a robust communications plan to responsibly communicate changes in their KPIs and income statements, preparing investors and creditors to understand the impact.Overall, the new leasing standards will have far-reaching implications on tax, accounting and reporting, directly impacting the negotiation and renewal of future lease contracts.
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