Issue link: https://resources.tangoanalytics.com/i/1465889
2 Copyright ©2021 Tango. All rights reserved. FASB ASC 842 & IFRS 16 COMPLIANCE | SUSTAINING LEASE COMPLIANCE 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. Maintaining compliance can lead to improved business performance and reduced costs. Once the right leaders are in place, organizations are set to treat the new compliance process as a sustainable strategic asset. As PwC outlines, once companies have standardized their leasing processes by incorporating the necessary controls, implementing regular portfolio analysis reports "can help companies identify trends in their leasing behavior they may wish to continue, adjust, or terminate." They recommend companies "consider performing periodic lease portfolio trend analyses to evaluate both positive- and negative- impact decisions so they can make timely leasing- strategy and leasing-process improvements." Potential areas of impact include lease-versus-buy decisions and vendor consolidation, where better information leads to easier economic decisions thus reducing costs of the leasing portfolio. The virtuous cycle of sustaining compliance. You have worked long and hard to achieve compliance to the new lease standards. Once attained, companies need to sustain compliance by installing the right individuals to champion, monitor and course-correct as necessary. If put in place correctly, this f ramework will enable companies to leverage all the work and costs associated with achieving compliance into continued long-term benefits and organizational improvement.