Tips for Transitioning Leases to the New Accounting Standard
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Posted by Quest Customer Learning Team
- Last updated 3/31/20
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Shelby Klingerman, Content Curator |
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued revisions to their respective leasing guidance. The revisions represent significant changes to lessee accounting and may impact your leases in PeopleSoft Asset Management or PeopleSoft Lease Administration. Check out these tips that will help prepare you for these changes.
5 Tips for Preparing for Lease Accounting Changes
- Identify all of your organization’s leases and all of the related assets for those leases.
- Align the upcoming accounting standards to all of your leased assets. Will your current application be compliant when the rules change?
- Know your business processes.
- Begin working with the latest update in PeopleSoft Lease Administration.
- Understand how your organization will comply with the new accounting rules and know your reporting requirements.
Learn More
To see an example of these Lease Accounting changes and learn more about how to get your data ready, check out the full presentation below.
Additional Resources
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