The new lease accounting standards have created an unexpected burden for many companies. Not only do organizations have to collect and maintain data accuracy, they also have to identify leases as they are signed. Many will need to implement lease accounting software and establish new policies and controls. There are also complex technical requirements of the new standards that are different than what companies have dealt with before, including new practical expedients, lease and non-lease components, and the IBR.
With all of the changes to accounting guidance companies are facing, many will consider hiring an outside service provider to help achieve compliance with the new standards. The service providers below have expertise in the new lease accounting standards as well as knowledge of how to implement various lease accounting software.
Service Providers
Vaco offers finance and accounting consulting services, including services for the new lease accounting standard. Their services include, but are not limited to:
- Process transformation
- Data collection and abstraction
- Software selection and implementation
- Software testing
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PwC’s Rapid Readiness Approach to implementation of the new lease accounting standards delivers an integrated solution. Their services include, but are not limited to:
- Project management
- Technical accounting consulting
- Data collection
- Software selection and configuration
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RGP provides a full suite of services for lease accounting to help customers comply with the new standards. Their consulting services include, but are not limited to:
- Impact assessment
- Software selection and configuration
- Data collection
- Business process transformation
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Riveron can help assess the impact of and implement ASC 842 across various industries and company sizes. Riveron’s services include, but are not limited to:
- Software selection and configuration
- Data abstraction
- Technical accounting
- Policy and procedure development
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RSM has assembled an integrated team comprised of members specializing in implementing ASC 842. Their offerings include, but are not limited to:
- Establishing a cross-functional team
- Preparing a project plan
- Analyzing leases and embedded leases
- Software selection
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Genpact offers a Global Lease Accounting Compliance solution to help customers in the short and long-term. Genpact’s services include, but are not limited to:
- Data collection and migration
- Process transformation
- Software consulting and implementation
- Lease management and reporting
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Armanino can help companies understand the impact of and transition to ASC 842. Armanino’s services include, but are not limited to:
- Impact assessment
- Project plan design
- Compliance roadmap design
- Software Selection
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CFGI supports clients as they prepare for the new lease accounting standard. Their offerings include, but are not limited to:
- Adoption project planning
- Technical interpretations
- Strategic policy applications
- Software selection
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Qiado offers lease accounting as a service to help companies comply with IFRS 16 and/or ASC 842. Their services include, but are not limited to:
- Software implementation
- Application management
- Technical accounting help
- Data collection
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