eBooks

FASB ASC 842 and IFRS 16 Compliance: Lease Data

Issue link: https://resources.tangoanalytics.com/i/1465884

Contents of this Issue

Navigation

Page 2 of 2

2 Copyright ©2021 Tango. All rights reserved. FASB ASC 842 & IFRS 16 COMPLIANCE | LEASE DATA About Tango As the market leader in integrated workplace management system and store lifecycle management. Tango has successfully partnered with over 500 leading companies and we apply that deep knowledge and those best practices to our world-class solution. As the only true end-to-end solution on the market, we help customers find, build and manage retail and office locations in a single suite, leveraging AI and deep learning techniques. Our cloud-based SaaS and mobile solutions are utilized across more than 140 countries by concepts ranging f rom those having small footprints to large global brands with more than 40,000 locations. Tango Lease was built f rom the ground up with FASB ASC 842 and IFRS 16 compliance and has been validated by leading independent accounting firms. Our unparalleled depth of industry experience combined with our leading solution has resulted in dozens of major corporations switching to Tango for their lease administration and accounting requirements. FIVE. Lack of centralized procurement processes for non-real estate leases Procurement processes vary greatly f rom a centralized function to decentralized departmental level procurement, and everything in between. This can mean you don't know what you don't know when it comes to buried contracts and data sources. Service contracts and embedded leases are the main culprits, as real estate leases tend to be managed centrally in one system. Some companies may use the new lease accounting practices as a motivating factor to centralize procurement of equipment and services. SIX. Proprietary legacy data structures and technology lack adequate documentation You may have a legacy lease accounting software system with much of the data you need for lease accounting compliance, but there could be limited to no documentation about how the data is structured and how it can be properly extracted. Make sure that you select a lease administration and lease accounting partner who has experience with your legacy system and a documented and proven approach to data management. SEVEN. Heterogenous data sources and systems This can be a problem for organizations that manage real estate leases in a decentralized manner by operating company, geography, or department. The only way past this hurdle is a systematic rationalization of data so that all data aligns across every system. Again, here is where a lease administration and lease accounting software partner with a proven approach to data management is critical as you will need to transform data f rom the old legacy values to the new consolidated list of values.

Articles in this issue

view archives of eBooks - FASB ASC 842 and IFRS 16 Compliance: Lease Data