Summary
This document is a buyer's guide focused on lease accounting software, aimed at assisting organizations in selecting a reliable solution to comply with new lease accounting standards such as FASB ASC 842, IASB IFRS 16, and GASB 87. It outlines the complexities involved in lease accounting, including the necessity for trained professionals to manage extensive legal documents and the dynamic nature of lease terms. The guide emphasizes the importance of involving various stakeholders across the lease lifecycle to ensure effective management and compliance. It details critical features to look for in lease accounting software, including automation capabilities, transparency in calculations, and robust internal controls to mitigate risks associated with misreporting. Additionally, the guide provides strategies for aligning internal stakeholders and navigating the buying process, emphasizing the need for a solution that can adapt to evolving lease requirements while maintaining compliance and operational efficiency.
