STRATEGY POLICY INVENTORY DATA
SYSTEM PROCESS
CONTROL SUSTAIN
5
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FASB ASC 842 and IASB IFRS 16 represent a material change to the way you
will account for real estate, equipment and embedded leases.
Before diving in headfirst, you'll need to develop a strategy regarding how to
most efficiently and effectively approach this change across your organization.
Decisions you make at the beginning of the process will have significant time,
cost and risk implications throughout your road to lease accounting compliance.
Dimensions of Lease Accounting Compliance Strategy
1
TIME
Work backwards from the compliance
deadline, work compliance stages in
parallel and accelerate stages as needed.
2
OWNERSHIP
Appoint a senior executive to own the lease
compliance strategy and project execution.
3
TEAM
Form a team spanning key stakeholder
departments that is explicitly responsible
for the compliance project.
4
PARTNERS
Identify external partners such as auditors
and technology partners to fill skill set gaps
and accelerate compliance.
ROAD TO LEASE COMPLIANCE
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STRATEGY
STRATEGY
