While the GASB has extended the implementation deadline, governments who have started the implementation have found that:
All of this takes time, and even with the deadline extension, governments are realizing that they are still behind. In addition to the technical accounting and financial reporting changes, business process changes will be required to comply with the lease standard going forward. Governments need to consider:
The implementation and ongoing maintenance of the standard goes beyond the accounting function, and will likely impact legal, procurement, real estate, asset management, treasury, budgeting, contract management and IT departments.
Having assisted the first wave of adopters through lease accounting change, we bring many lessons learned. We provide the right balance of solutions and compliance so that easing processes and policies are both effective and efficient. Our team can quickly assess where you are, where you need to be, and how to close the gap.
Having assisted the first wave of adopters through lease accounting change, we bring many lessons learned. We provide the right balance of solutions and compliance so that easing processes and policies are both effective and efficient. Our team can quickly assess where you are, where you need to be, and how to close the gap.
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