With Less Than 6 Months to Implement FASB and IASB Lease Accounting Standards, Organizations are under Pressure to Meet Guidelines

July 25 18:30 2018 Print This Article

ATLANTA, July 26, 2018 (GLOBE NEWSWIRE) — With less than 6 months to implement the FASB and IASB lease accounting standards, organizations are racing time to comply by January 1, 2019. The new standards require that organizations report all leases on the balance sheet, meaning that accounting departments and cross-departmental teams need to determine a unified approach to quickly meet compliance. 

With the current timeline, it’s crucial that organizations form a strategic approach that is focused on compliance. PowerPlan’s Lease Accounting Solution is choreographed to help organizations take the right steps in the right order to support compliance with ASC 842, IFRS 16 and GASB 87. Focusing on the standard is key, but it is also important to plan ahead for long-term financial impacts, including taxes.

For organizations which haven’t begun the vendor selection process, now is the time. “While it’s still possible to meet the lease deadline, it’s critical that organizations prioritize urgent items for compliance,” said Brent Burns, Chief Operating Officer of PowerPlan. “Then after the initial launch, optimize the solution with long-term best practices, taking into consideration the key financial implications across the organization including tax and other regulatory requirements.”

As the race to beat the deadline intensifies, PowerPlan has opened their resource center, which is filled with best practices to help organizations get on track for adopting the standards. To access it now, visit: https://powerplan.com/lease-changes/

About PowerPlan

PowerPlan software provides financial insight into how complex rules and regulations impact your organization – empowering you to make credible decisions that improve overall financial and operational performance. The integrated solution provides complete visibility starting with forecasting and monitoring to scenario planning, asset investment optimization, and analytics while maintaining financial compliance. For more information, email [email protected] or visit www.powerplan.com.

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Jessica Yaniv
Jessica Yaniv

Jessica is the founder and editor-in-chief of TrustedNerd.com. Covering major tech shows such as CES, Jessica is always there for the latest tech news. Want your gadget to be reviewed or have a release you'd like to be considered for publishing? Send Jessica an email, jessica [at] trustednerd.com

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