The new lease accounting standards are creating implementation difficulties for many companies. Not only do organizations have to collect data, they also have to learn to identify leases. 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 with the implementation of the new standard. These service providers have expertise in the new lease accounting standards as well as knowledge of how to implement various lease accounting software. See below for a list of providers that offer services for implementing the new lease accounting standards.
Service Providers
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
- Business process transformation
- Software consulting and implementation
- Lease management and reporting
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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
- 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 has extensive experience assessing the impact of and implementing ASC 842 across various industries and company sizes. Riveron’s portfolio of services includes, but is 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 an implementation plan
- Analyzing a sample of leases and embedded leases
- Software selection
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Vaco offers finance and accounting consulting services, including services for the new lease accounting standard. Their services include, but are not limited to:
- Business processes transformation
- Data collection and abstraction
- Software selection and implementation
- Software testing
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