As reported in an article on CFO.com on January 14, 2016, the complexities of the new lease accounting standards from the IASB and FASB, coupled with the fact the standards are not fully converged, will result in most multi-national firms finding they need to keep two sets of books. Those two sets of books will be in addition to their current set of books that will have to be maintained through the effective date of those new standards (2018 or 2019 depending on the company’s election).
This is precisely why LeaseCalcs was developed
And is in use by S&P 500 and other sophisticated firms today. LeaseCalcs – an award-winning, patent-pending, enterprise class, web-based application – slashes the time, complexity and costs associated with implementing the new lease accounting standards, and allows you to maintain your lease accounting under current and future standards for both US-GAAP and IFRS. Get it right – get LeaseCalcs!