Blog
5 Things to Know. Right. Now. About ASC 842 / IFRS 16 / GASB 87 Adoption
If your firm is adopting the lease accounting standard for the first time, there is an endless sea of information available to learn from. It can be overwhelming to sift through the technical and practical guides, some of which contradict each other when it comes to...
Year End Lease Administration in a 2020 World
This year, it is more important than ever to prepare for year-end lease administration activities. During a year where some leases were modified for pandemic related reasons, some lease assets are impaired, expenses for health and safety efforts increased, physical...
Retail Tenants and Landlords Evaluate Potential New Rent Arrangements due to COVID-19’s Impact on Sales
Many retailers are demanding better terms from landlords as the COVID-19 pandemic slows sales, such as paying a percentage of their sales as rent rather than a fixed monthly or quarterly fee. To offset some of the new risks, landlords are seeking to include a portion...
IASB Proposes Coronavirus Relief on How Companies Account for Their Rent Concessions
Under the current ASC 842 lease accounting rules, rent concessions and other lease modifications could trigger the remeasurement of right of use assets and lease liabilities for each lease affected. If you report under the international standard IFRS 16, help is...
Preparing for Potential Disruption – Three Concerns
Heightened concern over the spread of coronavirus is building worldwide consistent with the increase in number of confirmed cases. The virus has been reported in the Chicago area and proactively, like many other firms, we are taking steps to confirm that we are able...
ASC 842 Adoption Leads to Sharp Increases in Reported Lease Liabilities on Balance Sheets
Balance sheets across numerous industries showed large increases in lease liabilities due to ASC 842 adoption. Financial institutions saw the greatest increase across average lease liability. Companies continue to report that adoption and implementation of the new...
Are you in control of your lease data and lease accounting processes or are they in control of you?
If you are struggling with maintaining your lease data to stay in compliance with lease accounting standards, here are a few tips to help you through your closing period. Read the full article on CFO. Contact us today if you need help controlling your lease data!
Centralized asset tracking usually leads to less inventory shrinkage due to theft or lost assets.
The accounting calculations are done by computer and take minutes as compared to months if done manually. richard-mille-c-74.html
De-centralized data management requires more effort and creates inefficiencies for companies of all sizes.
A centralized process, with centralized leasing is highly important. Leases must be located and collected, and then identified to properly capture and support the data needed to effectively administer these portfolios and comply with financial reporting standards.
Scribcor Global gives you immediate access to lease data because we know it’s critical for the success of any portfolio management strategy.
The easier it is for our clients to access their data, the quicker they can focus on core business and create a culture where timely information leads to better decisions and action. The Scribcor Global Lease administration team ensures that lease data is readily...
Scribcor Global’s team members have the ability to be deep in the weeds of projects but also to work at the treetops with clients, sometimes at the same time.
For us to maintain our high standards, our team has been assembled to include top talent that isn’t strictly accounting, isn’t strictly legal, isn’t strictly administrative. It’s one of the secrets of our success.
Scribcor Global offers full-service lease administration, lease abstraction, FASB lease compliance and equipment lease administration.
We do it all, optimizing efficiency and ultimately saving our clients money. Our team is comprised of talented attorneys, accountants, paralegals and property management professionals that combine technology, resources and market knowledge to help streamline lease...