STRATEGY POLICY INVENTORY DATA
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ROAD TO LEASE COMPLIANCE
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SYSTEM
With change comes opportunity, and this lease accounting standards update
is no exception. Take time to assess the solutions available to you. While many
vendors are pursuing a patchwork approach to claiming compliance with the new
standards, others have solutions that have been built from the ground up and are
third-party verified to ensure it. Since any decision you make will involve a project
not dissimilar to a full re-implementation, you have a unique opportunity to reassess
the capabilities, limitations and costs of your current system and service provider.
Top 10 Reasons Your FASB/IFRS Lease Accounting
Partner May Be the Wrong One
It feels like you are in a clinical
trial to be FASB compliant
Your software vendor is leveraging its customer base to test the validity,
reproducibility and effectiveness of their solution to ensure compliance. Your
provider's solution should be verified by a large, known and creditable
accounting firm before it is ever released to customers. You are not a guinea pig.
Your FASB expert
is not really an expert
Everyone claims to be an expert now, but these new standards require true
professional advice. Viable solutions have been fully vetted by qualified accounting
professionals and should be implemented by highly experienced professional services
personnel with relevant knowledge and expertise, not technologist or junior resources.
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