Achieving ASC 842 Compliance with Nakisa Lease Administration

This case study outlines the implementation of Nakisa Lease Administration by a multinational pharmaceutical company to achieve compliance with ASC 842. The company, which operates in over 100 countries, faced challenges in managing a complex lease portfolio that included real estate and equipment. The compliance project began in August 2017, highlighting the need for efficient lease event management and accurate data tracking. The Nakisa solution was selected for its integration capabilities with SAP and its ability to automate compliance processes. The organization appreciated the user-friendly interface and the reduction in manual operations required for lease accounting. By December 2018, the company went live with Nakisa Lease Administration, which enabled automation of periodic postings and streamlined lease accounting operations. The collaboration with Nakisa not only ensured compliance with ASC 842 but also supported the management of multiple fiscal years and currencies, ultimately cutting down operational costs.