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
About This Research
©2021 Gartner, Inc. and/or its affiliates.
All rights reserved.
Gartner is a registered trademark of Gartner, Inc. and its affiliates.
This publication may not be reproduced or distributed in any form without Gartner’s prior written permission.
It consists of the opinions of Gartner’s research organization, which should not be construed as statements of fact.
While the information contained in this publication has been obtained from sources believed to be reliable, Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information.
Although Gartner research may address legal and financial issues, Gartner does not provide legal or investment advice and its research should not be construed or used as such.
Your access and use of this publication are governed by Gartner’s Usage Policy.
Gartner prides itself on its reputation for independence and objectivity.
Its research is produced independently by its research organization without input or influence from any third party.
For further information, see
Guiding Principles on Independence and Objectivity.