Non-Compliance Risks Manufacturers Face
The risk of non-compliance is high for manufacturers with leased assets ranging from warehouses to equipment.
Get step-by-step guidance on what you need to do.
Non-Compliance Risks Manufacturers Face
The risk of non-compliance is high for manufacturers with leased assets ranging from warehouses to equipment.
Get step-by-step guidance on what you need to do.
We Ensure You Comply Fully with FASB ASC 842 & IFRS 16
Understanding the New Lease Accounting Standards
The new lease accounting standards require you to show the full extent of your lease obligations on your books. In other words, what used to be in the footnotes of your financial statements now needs to be on your balance sheet as a liability.
The new lease accounting standards require you to show the full extent of your lease obligations on your books. In other words, what used to be in the footnotes of your financial statements now needs to be on your balance sheet as a liability.
Leases that were accounted for as operating leases may need to be reclassified as finance (capital) leases. Service, maintenance, and outsourcing contracts could contain embedded leases that you need to record.
And if you don’t choose the right solutions – in terms of software and expertise – you may have to restate your financials.
And if you don’t choose the right solutions – in terms of software and expertise – you may have to restate your financials.
What questions should you be asking?
You need to re-examine all your leases to ensure that you’re in compliance with FASB ASC 842 and IFRS 16. That re-examination starts with asking the right questions.
Does your electricity contract state that your power will come from a specific plant? Have you determined if that contract contains an embedded lease?
Do your forklift leases include maintenance? Do you know how to bifurcate those leases to identify the lease and non-lease components?
Have you examined your warehousing contracts to determine if they contain embedded leases?
To Comply, You Need the Right Functionality, Flexibility, and Expertise
A manageable solution to lease accounting complexity
It doesn’t matter how complex the nuances of your leases are. LeaseQuery enables you to account for and manage them with ease.
- Get expert advisement from accountants specialized in lease accounting.
- Access journal entries, tasks, critical dates, and reports at a glance.
- Pull all reports and disclosures required by regulators and auditors.
- Rest assured that your data is safe – we follow industry standard encryption protocols and our SOC testing is being performed by a Big Four firm.
- Integrate with your ERP or general ledger software.
LeaseQuery Ensures You Comply—
in January 2019 and Beyond
LeaseQuery offers you the functionality, flexibility, and expertise that enables you to adequately account for all your leases under FASB 842. From the moment you start implementation, you’ll be supported by accountants who specialize in lease accounting.
Our Clients Explain Our Lease Accounting Solutions Best
Talk to One of Our Expert Lease Accountants Today.
Unlike other software vendors, we aren't former real estate professionals trying to learn accounting on your dime. We're accountants just like you.
Sign up for a demo today and let us prove it.
