Here’s an example of a blog post I helped to write. I centered this one around the product launch positioning and messaging that my boss decided on. The resource for this blog is from Accounting Web.

Are You Ready?

Are you ready? This is what FASB and other accounting and financial resources are asking. With the new reporting standards, companies needs to effectively put operating leases on the balance sheet for all years after December 2018, but with a two year look-back. This means that companies need to start updating data processes by December 2016.

Public companies operating on the calendar fiscal year face the fastest compliance timeline, and Deloitte encourages any company with real estate or equipment leases to take time and learn what is needed for compliance. Their study shows that about 60% of companies still do not feel ready, and that the biggest challenge is getting their lease data collected in a centralized inventory.  

CoStar Real Estate Manager has been following the FASB changes since its first draft. We can help your company get your lease data in a centralized system. We suggest the following steps to be FASB compliant:

• Get together a cross-departmental decision-making team with those from real estate, accounting, IT, legal, compliance, treasury, risk and financial reporting.
• Apply a profiling method for the company’s lease recognition process.
• Update your data for both real estate and non-real estate (equipment) leases. Make sure that your lease files are complete, organized, accurate and accessible.
• Find out if your current software can handle the new requirements.

CoStar’s lease accounting software provides out-of-the-box usability for lease accounting compliance with functionality like balance sheet impact, classification tests, amortization schedules and journal entry processing. We also have an in-house lease services team to help you organize your lease data. Read more here or ask us for a demonstration.