Lease Accounting Compliance
Now is always the best time to think about ongoing lease accounting compliance.
Maintaining compliance requires ongoing effort and multi-functional coordination. If not monitored, lease data can become stale in a very short time. Companies must plan for dedicated resources and processes to keep the lease data current and perform asset level accounting calculations that support financial reporting and disclosures. If you have not yet adopted the standard, developing a plan for ongoing lease administration should be a step in your adoption process. After adoption, the lease processes and procedures should be periodically reviewed and updated to account for business changes and to ensure the appropriate controls are in place.