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The 7 Steps to Lease Accounting compliance

Forward thinking companies have already implemented internal measures and mechanisms in anticipation of the new standards. These companies have already begun the process of updating their lease portfolio by gathering lease data and analysing the financial impact of the new standards.
Yet a vast majority have not considered the implications of an additional $2.8 trillion worth of lease commitments will have on their financial statements and procurement habits. This whitepaper will run through the following 7 steps you need to consider to reach compliance:

  1. Designate a dedicated transition team
  2. Set success objectives and control measures
  3. Establish a unified platform for lease information and processes
  4. Review current lease portfolio and comparative financial reports
  5. Decide implementation date and best approach for transition reports
  6. Produce required reports and fiscal statements
  7. Establish a long-term lease management workflow

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