FASB Extension For Lease Accounting

ARCHIBUS – FASB Extension For Lease Accounting

What is FASB?

The Financial Accounting Standards Board (FASB) is a private, non-profit organization whose primary role is to set standards and establish and improve Generally Accepted Accounting Principles (GAAP) within the United States.

What are the New FASB Guidelines?

On February 25, 2016 FASB released Topic 842. It defines the new standard which requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Public companies must be compliant by January 1, 2019.  All other companies must be compliant by January 1, 2020.

FASB
Public companies must be compliant by January 1, 2019. All other companies must be compliant by January 1, 2020.

 

How can ARCHIBUS help?

Now you can automate your FASB compliance with the ARCHIBUS Extension for Lease Accounting. Using the new Lease Classification Wizard questionnaire, you can easily classify leases to comply with the new FASB standards.

An approval flow ensures that defined steps of the decision process are documented. Capturing approval date stamps at key steps of the chain.

Once your leases are properly classified and key values have been identified, you can generate reports optimizing your ability to quickly share information with real estate decision makers and the C-Suite. These reports include, Lease Expense Recognition, Amortization Schedule, Sub Ledger Entries and a Quantitative Disclosure Report. These reports can then integrate with your financial system further solidifying compliance and expanding accessibility.

You can evaluate the impact of your decisions over time like fair market values or economic life and flag leases that pose a risk to your organization.

How IMS can help?

With more than a decade of experience implementing ARCHIBUS and its Extensions, IMS Consulting has the knowledge and expertise to help you reach FASB Compliance before next year’s deadline. We understand the importance of being a financially sound and transparent company as well as mitigating the risk associated with opening yourself up to audits and penalties for non-compliance.

For more information contact IMS Consulting today or connect with us on LinkedIn.

About IMS Consulting

For more than a decade, IMS Consulting has delivered the full scope of ARCHIBUS-related services to both government and commercial clients. As a Virginia Certified Small Business, IMS Consulting provides our clients with personalized attention by experienced ARCHIBUS certified consultants. Our experts work with our clients to thoroughly understand how they do business, identify their unique needs, and pinpoint opportunities to better manage their infrastructure, employ more efficient work processes, and make smarter capital budgeting decisions—both today and over the long term.

IMS Consulting specializes in the implementation of ARCHIBUS, the #1 real estate, infrastructure & facilities management solution in the world. ARCHIBUS is the global leader in streamlining how you manage your real estate, infrastructure and facilities. Centralize your data, planning and operations onto one seamless platform backed by 35 years of innovation and the world’s largest support network. Reduce costs, enhance sustainability, and create a better workplace by transforming how you connect with people, places, and processes.

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