Countdown to Lease Accounting Compliance: 5 Lessons Learned from FASB and GASB Implementations

Real-world lessons for FASB and GASB Implementing the Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB) standards will likely be the biggest project controllers and financial accounting teams will be forced to tackle this year. With real estate and equipment leases moving onto the balance sheet, corporate leasing programs are under much more scrutiny from auditors and board members than ever before. As organizations get ready to make their overall leasing process more efficient and cost-effective, learning from other organizations that are using lease accounting automation to achieve and maintain compliance is crucial to their own success. Lease accounting experts from EZLease and Whitley Penn will share real-world lessons learned from organizations that have already adopted the lease accounting standards and define best practices for companies tackling compliance this year. With so many lease accounting changes required to go in effect this year, these best practices will help you to simplify compliance with the FASB and GASB deadlines. Learning objectives:

• The FASB and GASB requirements of the expanded lease definition

• Best practices in budgeting, planning, and staffing

• Understanding key policy elections, practical expedients, and transition accounting strategies

• How to take an inventory of your leases and locate required lease information

• Software options for long-term, sustainable compliance, and how these systems will interact with general ledger, accounts payable, and fixed asset applications