12 Step Lease Accounting Project Charter

If your business is affected by the new lease accounting standard, then this guide will help provide you a supplemental framework so you can stay informed, plan ahead, and set your organization up for continued success and a smooth transition.

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1. Obtain a full understanding of ASC 842 and/or IFRS 16 and raise internal awareness.
2. Set a compliance timeline.
3. Identify and meet with a cross-functional group of leasing stakeholders.
4. Create and meet with project team.
5. Decide if a software solution for lease management and reporting is needed, if not, what is the alternative?
6. Compile a list of all contracts and determine if they contain leases.
7. Evaluate compliance with existing ASC 840 accounting standards.
8. Evaluate the FTE requirements and evaluate staffing/training plans as needed.
9. Establish internal accounting policies around leasing.
10. Evaluate the process flow for leases and adjust to ensure efficiency.
11. Review processes, software policies and pro-forma results with auditors.
12. Set up a sustainable process for managing leasing data.