Published: 26 February 2019
Analyst(s): Finance Research Team
The operational implementation challenges of lease accounting standards ASC 842 and IFRS 16 force finance to form cross-functional teams organizationwide. This research will help corporate controllers who have not yet navigated the new standards avoid resource-intensive implementation pitfalls.
Lease Abstraction: Use Internal SMEs
Collection of Lease Population: Centralize With Cross-Functional Coordination
Step 1: Establish a Centralized Lease Collection Database
Step 2: Train Key Stakeholders on Lease Identification
Step 3: Standardize Policies and Procedures Throughout the Organization
Implementation of Lease Software: Plan for Shortcomings
Software Testing and Manual Workarounds
Recommended by the Authors
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