Effective January 1, 2019 for many companies, the IASB’s (IFRS16) and the FASB’s (ASC842) new lease standards require nearly all leases to be reported on lessees’ balance sheets as assets and liabilities.
The impact of IFRS 16 and ASC 842 will be pervasive, and with the deadline approaching fast, companies should not wait to develop their solution. Even for small to medium-sized businesses, the task of becoming fully compliant could be labor-
intensive. For those with large portfolios or decentralized lease management practices, the task will be particularly burdensome. On the other hand, the new standard gives organizations a great opportunity to ensure future financial reporting is organized, transparent, and most of all, compliant.
Review this whitepaper for more information on managing IFRS 16 compliance with FCCS.