FASB, IASB and GASB Compliance
Understand changing deadlines and getting compliant on time with Lucernex
Deadlines for Compliance
US Public and International Companies (FASB/IASB) – 2019 Fiscal Year
US Private Companies & Government Organizations (FASB/GASB) – 2020 Fiscal Year*
*Pending FASB delay to 2021 - learn more here
All Organizations Must Adhere to New Accounting Standards
Retail
Corporate
Healthcare
Telecom
Government
Six Things You Need To Know About Getting FASB Compliant
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1. A large team is needed: accounting, real estate, purchasing, IT, equipment leasing, tax, legal and outside auditors, among others.
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2. It takes a long time to find non-centralized lease agreements and to read service, production, marketing, property operations, and other agreements to determine whether they have embedded leases in them.
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3. A thorough, written and firm-specific Implementation Process Guide is needed to adopt the regulation.
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4. Adopting and implementing a new lease management and accounting solution can take anywhere from 10-24 weeks, depending on the breadth, scope and resources brought to the project.
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5. Becoming FASB compliant is more difficult than adopting the new Rev Rec model under ASC 606.
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6. Adoption requires significant new processes and work integrations—most never done before—between Accounting and Real Estate departments.
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With over 30% of private/not-for-profit companies having not begun their ASC 842 adoption, time is of the essence. Depending on the scope and distribution of your portfolio, organizations need a best-in-class implementation team and a proven solution tailor-made for compliance."
Ensure Compliance With Lucernex
Designed to meet the needs of both real estate and equipment leases, Lucernex is a cloud-based, third-party verified FASB/IASB compliant solution, that allows customers to seamlessly mitigate risk, improve business processes, and make decisions that impact the overall health of their businesses.
Lucernex makes it easy for your organization to:
- Meet the new financial reporting requirements under FASB ASC 842, IASB IFRS 16 and GASB No. 87
- Accurately classify your leases as operating or finance using the FASB ASC 842 test
- Generate accurate accounting scheduled from a solution that has been verified by an independent 3rd party accounting firm
