With the lease accounting effective date quickly approaching for private companies, there’s no such thing as too many helpful tips. Navigating the new rules and transitioning your accounting practices so you remain compliant isn’t an overnight task. In fact, many companies admit to falling behind when it comes to implementing the changes (according to a recent survey, linked below).
We’ve done the heavy lifting for you and rounded up 11 articles, publications, and resource centers that are must-reads for companies trying to implement the new standards. Even if you’re already well on your way to adopting the new standards we promise you’ll learn a thing or 2 by the time you finish the whole list.
Read them all today, or bookmark this article for when you have a spare 5 minutes throughout the coming weeks.
5 Crucial Tips as Lease Accounting Deadline Nears
Imagine thinking all your leases are operating leases, only to find out you’re wrong about 40% of them. Don’t get caught in a situation where you think you know more about your leases than you actually do. These 5 tips can help you avoid potentially crucial errors and keep your lease accounting in line.
Read on: Bloomberg BNA
Leases and Rev Rec: It’s Not How Much You Spend, But How
Back in September, a study found that only about 1% of companies had adopted the new lease accounting rules. PwC’s Sheri Wyatt spoke with FEI Daily about implementing the new standards and what companies should know about the process.
Reflections on My 66 Years in Public Accounting
Arthur J. Radin expands on his six decades of being a CPA, from spending 18 years as a member and partner with one of the “Big Eight” to why he chose to finish his career at a much smaller firm. You’ll leave having learned a thing or two about the industry, including some of the ways the business has changed and how it’s stayed the same.
Read on: The CPA Journal
In Plain English: ASC 842 and IFRS 16 Practical Expedients
The new lease accounting standards came with a set of practical expedients that could save you time, but could also lead to errors in your lease accounting if not interpreted properly. Several of these expedients have caveats that could trip you up if you don’t fully understand their implications. We’re covering the pros and cons of each expedient so you can make informed decisions.
Read on: LeaseQuery Blog
PwC 2018 Accounting Change Survey Results
PwC polled finance executives on their progress and feelings about implementing recent accounting changes. According to the results, private companies are just starting to implement the new lease accounting changes, while, at the time, some public companies felt that they would struggle to meet the effective date for the new standards.
Read on: PwC Insights
Lessons from Lease Accounting Early Adopters
Following their 2018 Accounting Change Survey Results, PricewaterhouseCoopers sheds light on some of the top lessons learned by companies that have already begun the implementation process for the new lease accounting standards. Read through for challenges, solutions, and general advice for your own implementation process.
Read on: CFO.com
Lease Accounting Implications for the Consumer Industry
If you’re at a consumer industry company, this read is for you. Deloitte thought leaders dive into the ways companies prepare for the new lease standards — specifically if they’re in the automotive, retail, wholesale, consumer products, transportation, hospitality, and services industries.
Read on: Deloitte Perspectives
How to Beat the End-of-Year Crunch in Accounting
The end of the year is always a critical time for accounting. And this year, stress levels are particularly high as everyone prepares to reach compliance with the newest lease accounting standards. While your to-do list may seem never-ending, we have four bits of advice you can follow today to make the next few months go by smoothly.
Read on: LeaseQuery Blog
Leases Educational Resources from FASB
As the issuer of the new lease accounting standards, FASB is the ideal source for all information regarding the newest changes. With several videos and articles on the subject, you can be fully prepared for implementing the new standards and gain a better understanding of what the changes mean for your company.
Read on: Financial Accounting Standards Board
Applying IFRS: A Closer Look at the New Leases Standard
This robust publication from EY is a deep dive into IFRS 16, how it’s applied, and the effects of adopting it in your company. With eight full sections and two appendices, you’ll be hard-pressed to find a more thorough document on the new standards.
Read on: EY’s Publication Download