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IFG Jim Hannan, National Practice Director Chris Denver, National Practice Director

INTERNATIONAL FINANCIAL GROUP ASC 842 Lease Accounting

Challenges and Solutions


ASC 842 Lease Accounting

Agenda

Understanding the New Standard Common Challenges

Solutions

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Understanding the New Standard

• Overview • Scope • Lease Classification • Lessee Accounting • Transition • Disclosures

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Understanding the New Standard

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Overview • FASB issued ASU 2016-02 (the “leasing standard” or “ASC 842”) in February 2016 • Effective for Public Companies in 2019, all others 2020 • A lessee should recognize the assets and liabilities that arise from leases • Removes “bright lines” for lease classification. • A lessee should classify a lease as finance or operating: • Finance Leases: Leases that transfer control of the underlying asset; the arrangement is effectively a purchase of the underlying asset (classified as a sales-type lease for the lessor); • Operating Leases: all other leases as operating leases. In an operating lease, a lessee obtains control of only the use the underlying asset, but not the underlying asset itself. • Companies book a “right of use” asset and lease liability for Finance and Operating Leases • Contracts may contain lease and non-lease components

IFG


Understanding the New Standard

Scope • Definition: A lease conveys the right to use an underlying asset for a period of time in exchange for consideration. At the inception of an arrangement, the parties should determine whether the contract contains a lease by assessing both of the following: • Whether there is an identified asset • Asset is physically distinct • Explicitly and Implicitly Defined Assets • Whether the contract conveys the right to control the use of the identified asset in exchange for consideration for a period of time • Obtains substantially all of the economic benefits • Directs the Use; controls what, when, where and how • Period of time: can be for a consecutive period, nonconsecutive periods, or a portion of the term of the contract • No substantive substitution rights • Scope exceptions: Certain leases such as intangible assets and inventory

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Determining if a Contract Has a Lease

Understanding the New Standard

Customer

Is there an identified asset?

No

Yes

Does the entity have the right to obtain substantially all of the economic benefits from Yes use of the asset throughout the period of use?

No

Does the customer or the supplier have the right to direct how and for what purpose the identified asset is used throughout the period of use?

Supplier

Does the customer have the right to operate the asset throughout the period of use without the supplier having the right to change those operating Yes instructions?

No Did the customer design the asset (or specific aspects of the asset) in a way that predetermines how and for what purpose the asset will be used throughout the period of use?

Lease

Yes

No

Not a Lease 6

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Understanding the New Standard

Separating Lease and Non-Lease Components • The consideration in the contract shall be allocated to each separate lease component and nonlease component of the contract using the relative standalone selling price • Components of a contract include only those items or activities that transfer a good or service to the lessee • The following do not transfer a good or service to the lessee and are not separate components: • Administrative tasks to set up a contract or initiate the lease • Reimbursement or payment of the lessor’s costs, including taxes and insurance • Pay attention if payments are fixed or variable: • Variable lease Payments vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. • Variable lease payments that do not depend on an index or a rate are excluded from the measurement of the lease liability • Fixed payments are included in the measurement

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Understanding the New Standard

Separating Lease and Non-Lease Components (cont)

• Non-lease components: • Payments for maintenance activities, including common area maintenance • Non-lease components are excluded from the measurement of the lease liability • As a practical expedient, a lessee may, as an accounting policy election by class of underlying asset, choose not to separate nonlease components from lease components and account for these as a single lease component. • IFG Hint: Make this election!

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Key Concept

Understanding the New Standard Key Concepts

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Commencement Date of the Lease

Lease Term

Description The date on which a lessor makes an underlying asset available for use by a lessee. The noncancellable period for which a lessee has the right to use an underlying asset, together with all of the following: • Periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option • Periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option • Periods covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor.

Fixed payment

Fixed (including in-substance fixed) payments, less any lease incentives paid or payable to the lessee

Variable lease payment

Payments made by a lessee to a lessor for the right to use an underlying asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.

Variable lease payment based on an index or rate

Variable lease payments that depend on an index or a rate (e.g., the Consumer Price Index (CPI), or a market interest rate)

Penalty

Payments for penalties for terminating a lease, if the lease term reflects the lessee exercising an option to terminate the lease

IFG


Concept

Understanding the New Standard

Residual value guarantee Discount Rate for the Lease

Key Concepts (continued)

Description Amounts it is probable the lessee will owe under residual value guarantees For a lessee, the discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. In that case, the lessee is required to use its incremental borrowing rate. For a lessor, the discount rate for the lease is the rate implicit in the lease.

Rate Implicit in the Lease

The rate of interest that, at a given date, causes the aggregate present value of (a) the lease payments and (b) the amount that a lessor expects to derive from the underlying asset following the end of the lease term to equal the sum of (1) the fair value of the underlying asset minus any related investment tax credit retained and expected to be realized by the lessor and (2) any deferred initial direct costs of the lessor. IFG HINT: Use the XIRR function in Excel

Incremental Borrowing Rate

Initial Direct Costs

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The rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Incremental costs of a lease that would not have been incurred if the lease had not been obtained. • Commissions • Payments made to an existing tenant to incentivize that tenant to terminate its lease. • Does not include administrative costs, including overhead, legal, etc.

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Lessee Classification

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Understanding the New Standard

Lease Classification

• Removes “bright lines” for lease classification. A lessee should classify a lease based on whether the arrangement is effectively a purchase of the underlying asset. • Finance Leases: Leases that transfer control of the underlying asset; the arrangement is effectively a purchase of the underlying asset (classified as a sales-type lease for the lessor); • Operating Leases: all other leases as operating leases. In an operating lease, a lessee obtains control of only the use the underlying asset, but not the underlying asset itself.

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Understanding the New Standard

Lease Classification

Does the lease transfer ownership of the underlying asset to the lessee by the end of the lease term?

Yes?

No?

Does the lease grant the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise?

Yes?

No?

Is the lease term for a major part of the remaining economic life of the underlying asset?

No?

Is the present value of the sum of the lease payments and any residual value guaranteed by the lessee, that is not otherwise included in the lease payments, substantially all of the fair value of the underlying asset?

Yes?

No?

Operating Lease

Yes?

Finance lease (lessee) Sales-type lease (lessor)

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Understanding the New Standard

Lease Classification When determining lease classification, one reasonable approach to assessing the classification criteria would be to conclude: • Remaining economic life of the underlying asset • •

Seventy-five percent or more of the remaining economic life of the underlying asset is a major part of the remaining economic life of that underlying asset. A commencement date that falls at or near the end of the economic life of the underlying asset refers to a commencement date that falls within the last 25 percent of the total economic life of the underlying asset.

• Substantially all of the fair value •

Ninety percent or more of the fair value of the underlying asset amounts to substantially all the fair value of the underlying asset.

Finance Lease if:

75% of economic life

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90% of FV

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Lessee Accounting

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Overview of Lease Accounting by Lessees

Finance Lease Balance Sheet

• Record a right-of-use asset and • Record a right-of-use asset and a lease liability a lease liability • Right of-use-asset is tested for • Right of-use-asset is tested for impairment in accordance with impairment in accordance with ASC 360 ASC 360

• Interest expense Income • Effective interest method Statement •

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Operating Lease

(interest rate * the lease liability). Amortization is recorded on the right-of-use asset • • Usually on a straight-line basis over the lease term. Interest and amortization expense • should generally be presented separately in the income statement •

Lease expense • Straight-line basis over the lease term • Equal to interest expense plus amortization Amortization is the difference between straight-line expense and the interest expense Lease expense is presented as a single line item in operating expense in the income statement In reality, lease expense = straight line lease expense

IFG


Understanding the New Standard

Lessee Accounting • Initial Recognition: The initial recognition of the right-of-use asset and the lease liability is the same for operating leases and finance leases, as is the subsequent measurement of the lease liability. • Subsequent measurement: The subsequent measurement of the right-of-use asset for operating leases and finance leases differs • The same total lease expense is recognized over the life of the arrangement, but it is classified differently in the income statement and recognized at different times. • A lessee generally recognizes higher periodic lease expense in the earlier periods of a finance lease than it does for an operating lease. • Short term lease: A lessee can make a policy election to classify a lease as a short term lease if the lease term is 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise

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Understanding the New Standard

Lessee Accounting – Initial Measurement Initial measurement (at the commencement date) • Lease liabilities: Present value of the lease payments to be made over the lease term. • Discount rate is the rate: • Implicit in the lease unless that rate cannot be readily determined. • Incremental borrowing rate if the rate implicit in the lease cannot be readily determined. • Right-of-use assets: A lessee initially measures the right-of-use asset at cost, which consists of all of the following: • The amount of the initial measurement of the lease liability • Any lease payments made to the lessor at or before the commencement date, less any lease incentives received • Any initial direct costs incurred by the lessee

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Understanding the New Standard

Lessee Accounting – Operating Lease Operating Leases Subsequent measurement (after the commencement date): • Lease liability • Present value of future lease payments, discounted at the rate established at the commencement date (unless the rate has been updated after the commencement date) • The right-of-use asset • The amount of the lease liability, adjusted for the following: • Prepaid or accrued lease payments • The remaining balance of any lease incentives received, which is the amount of the gross lease incentives received net of amounts recognized previously as part of the single lease cost • Unamortized initial direct costs If the right-of-use asset has been previously impaired, the right-of-use asset is measured after the impairment

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Understanding the New Standard

Example – Lessee Accounting for an Operating Lease Entity L (lessee) enters into a three-year lease of office space and concludes that the agreement is an operating lease. Entity L agrees to pay the following annual payments at the end of each year: $10,000 in Year 1, $12,000 in Year 2 and $14,000 in Year 3 ($36,000). For simplicity, there are no purchase options, payments to the lessor before the lease commencement date, lease incentives from the lessor or initial direct costs. The initial measurement of the right-of-use asset and lease liability is $33,000 using a discount rate of 4.235%. Entity L uses its incremental borrowing rate because the rate implicit in the lease cannot be readily determined. Entity L calculates that the annual straight-line lease expense is $12,000 per year [($10,000 + $12,000 + $14,000) á 3].

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Understanding the New Standard

Example – Lessee Accounting for an Operating Lease At lease commencement Entity L would recognize the right-of-use asset and lease liability for the present value of the lease payments : Right of Use Asset $33,000 Lease Liability $33,000 Year 1 Record lease expense and adjust the right-of-use asset for the difference between cash paid of $10,000 and straight-line lease expense ($12,000/year). Lease Expense Right of Use Asset Cash

$12,000 $2,000 $10,000

To adjust the lease liability to the present value of the remaining lease payments with an offset to the right-of-use asset. The adjustment of $8,602 is calculated as the initially recognized lease liability ($33,000), less the present value of remaining lease payments ($24,398) at the end of Year 1. Lease Liability Right of Use Asset 21 | INTERNATION FINANCIAL GROUP

$8,602 $8,602

IFG


Understanding the New Standard

Example – Lessee Accounting for an Operating Lease Commencement Cash lease payments:

Year 1

Year 2

Year 3

$10,000

$12,000

$14,000

$12,000

$12,000

Income Statement: Straight - line lease expenses

$12,000 Balance Sheet

Right of Use Asset

$33,000

$24,398 (1) $13,431 (2)

-

Lease Liability

($33,000)

($24,398)

-

Adjust prepaid (accrued) rent

($2,000)

($13,431) -

$2,000

1. PV of lease payments of $12,000 and $14,000 at end of year is $24,398 2. PV of lease payment of $14,000 outstanding at end of year 2 is $13,431

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Understanding the New Standard

Lessee Accounting – Finance Lease Finance Lease Subsequent measurement • Recall that initial measurement for finance and operating lease on commencement date is the same • The lease liability: • Increase the carrying amount to reflect interest on the lease liability and reduce the carrying amount to reflect the lease payments made during the period. • The lessee shall determine the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. While ASC 842 describes the subsequent measurement of a finance lease liability differently from that of an operating lease liability, from a practical perspective, the lease liability balance will likely be the same. • The right-of-use asset at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements

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Understanding the New Standard

Example – Lessee Accounting for a Finance Lease Entity H (lessee) enters into a three-year lease of equipment and concludes that the agreement is a finance lease because the lease term is for a major part of the remaining economic life of the underlying asset (also three years). Entity H agrees to make the following annual payments at the end of each year: $10,000 in Year 1, $12,000 in Year 2 and $14,000 in Year 3 (Total of $36,000). For simplicity, there are no purchase options, payments to the lessor before the lease commencement date, lease incentives from the lessor or initial direct costs. The initial measurement of the right-of-use asset and lease liability is $33,000 (present value of lease payments using a discount rate of 4.235%). Entity H uses its incremental borrowing rate because the rate implicit in the lease cannot be readily determined. Entity H amortizes the right-of-use asset on a straight-line basis over the lease term.

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Understanding the New Standard

Example – Lessee Accounting for a Finance Lease At lease commencement Entity H would recognize the right-of-use asset and lease liability for the present value of lease payments : Right of Use Asset $33,000 Lease Liability $33,000 Year 1 Record interest expense ($33,000 x 4.235% = $1,398) Interest expense Lease liability

$1,398 $1,398

Record Amortization expense ($33,000 / 3 years = $11,000/year) Amortization Expense Right of Use Asset

$11,000 $11,000

Record Lease Payment of $10,000 in year 1: Lease Liability $10,000 Cash $10,000 25 | INTERNATION FINANCIAL GROUP

IFG


Understanding the New Standard

Impairment ASC 360 requires an analysis of impairment indicators at each reporting period for assets held for use. Testing and evaluation of impairment of a long-lived asset is performed at the asset or asset-group level depending on the facts and circumstances. If any indicators of impairment are present, a recoverability test using undiscounted cash flows is performed. If the right-of-use asset fails the recoverability test, ASC 360 requires a fair value test. A lessee shall determine whether a right-of-use asset is impaired and shall recognize any impairment loss in accordance with Section 360-10-35 on impairment or disposal of long-lived assets. If a right-of-use asset is impaired, after the impairment, it shall be measured at its carrying amount immediately after the impairment less any accumulated amortization. A lessee shall amortize the right-of-use asset from the date of the impairment to the earlier of the end of the useful life or lease term. Accretion of the lease liability, determined for each remaining period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability

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Understanding the New Standard

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Subsequent Remeasurement A lessee shall remeasure the lease payments if any of the following occur: • The lease is modified, and that modification is not accounted for as a separate contract (in accordance with paragraph 842-10-25-8). • A contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based is resolved such that those payments now meet the definition of lease payments. • For example, an event occurs that results in variable lease payments that were linked to the performance or use of the underlying asset becoming fixed payments for the remainder of the lease term. • There is a change in any of the following: • The lease term, as described in paragraph 842-10-35-1. A lessee shall determine the revised lease payments on the basis of the revised lease term. • The assessment of whether the lessee is reasonably certain to exercise or not to exercise an option to purchase the underlying asset, as described in paragraph 842-10-35-1. • A lessee shall determine the revised lease payments to reflect the change in the assessment of the purchase option. • Amounts probable of being owed by the lessee under residual value guarantees. A lessee shall determine the revised lease payments to reflect the change in amounts probable of being owed by the lessee under residual value guarantees.

IFG


Transition

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Transition

Transition Practical Expedient An entity may elect the following practical expedients, which must be elected as a package and applied consistently by an entity to all of its leases that commenced before the effective date: • An entity need not reassess whether any expired or existing contracts are or contain leases. • An entity need not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with Topic 840 will be classified as operating leases, and all existing leases that were classified as capital leases in accordance with Topic 840 will be classified as finance leases). • An entity need not reassess initial direct costs for any existing leases. An entity also may elect a practical expedient to use hindsight in: • Determining the lease term • Assessing impairment of the entity’s right-of- use assets.

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Transition Practical Expedient

Transition

Elect to apply the hindsight practical expedient to determine the lease term

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Reassess the lease term based on all facts and circumstances through the effective date

Lease classification does not change in transition

Capital lease = Finance lease

Operating lease = Operating lease

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Disclosures

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Disclosures

A lessee shall disclose qualitative and quantitative information about all of the following: • Its leases • The significant judgments made in applying the requirements of ASC 842 to those leases • The amounts recognized in the financial statements relating to those leases

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Dislcosures

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a. Information about the nature of its leases: • A general description of those leases. • The basis and terms and conditions on which variable lease payments are determined. • The existence and terms and conditions of options to extend or terminate the lease. A lessee should provide narrative disclosure about the options that are recognized as part of its right- of-use assets and lease liabilities and those that are not. • The existence and terms and conditions of residual value guarantees provided by the lessee. • The restrictions or covenants imposed by leases, for example, those relating to dividends or incurring additional financial obligations. b. Information about leases that have not yet commenced but that create significant rights and obligations for the lessee, including the nature of any involvement with the construction or design of the underlying asset. c. Information about significant assumptions and judgments made in applying the requirements of this Topic, which may include the following: • The determination of whether a contract contains a lease • The allocation of the consideration in a contract between lease and nonlease components • The determination of the discount rate for the lease

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Dislcosures

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For each period presented in the financial statements, a lessee shall disclose the following amounts relating to a lessee’s total lease cost, which includes both amounts recognized in profit or loss during the period and any amounts capitalized as part of the cost of another asset in accordance with other Topics, and the cash flows arising from lease transactions: a) Finance lease cost, segregated between the amortization of the right-of-use assets and interest on the lease liabilities. b) Operating lease cost c) Short-term lease cost, excluding expenses relating to leases with a lease term of one month or less d) Variable lease cost e) Sublease income, disclosed on a gross basis, separate from the finance or operating lease expense. f) Net gain or loss recognized from sale and leaseback transactions g) Amounts segregated between those for finance and operating leases for the following items: 1. Cash paid for amounts included in the measurement of lease liabilities, segregated between operating and financing cash flows 2. Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets 3. Weighted-average remaining lease term 4. Weighted-average discount rate.

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Understanding the Standard Key Points

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Boiling it Down

• Leases convey the right to use an identifiable asset • Leases are finance or operating – use practical expedient for the transition • Classification criteria are the same as capital versus operating, for all practical purposes • Need to separate lease and non-lease components • Use practical expedient available • Right to use asset and lease liability based on present value of: • Fixed Lease payments for the identifiable asset • Variable payments that depend on an index or a rate • Calculate PV using rate implicit in the lease, or incremental borrowing rate if rate implicit in lease is unknown

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Common Challenges

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Common Challenges

Many Organizations Not Ready for ASC 842

Records and Data

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Technology

Inadequate time and resources

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Common Challenges Records and Data

Most organizations will struggle to gather necessary records and data

1 Identifying and cataloging all leases, which may not be filed centrally

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2 Non-standard lease contracts, terms, and conditions

3 Identifying embedded or synthetic leases; “informal� related party leases

IFG


Common Challenges Technology

“We find the solar system incompatible with other systems”

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Technology - Common Challenges Current systems unable to maintain and processes accounting data necessary for ASC 842 Fixed Asset SubLedger not configured for Leases

Lease payments not linked to lease records

Cannot separate lease and nonlease components

Cannot automatically book monthly amortization and expense

Cannot determine lease classification

Cannot accumulate data necessary for disclosures

Manual Processes may not be adequate for ASC 842

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Use of Technology

Use of Technology • Lease Software: Solutions are in the marketplace that provide off-the shelf functionality for ASC 842 accounting • Lease Accelerator: – Lease Classification and Accounting Under ASC 842 – Handles Real estate and Equipment Lease capabilities – Links to SAP and Oracle GL, AP and Fixed Assets Modules using APIs – Reporting – Lease management and administration – Reporting

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Time and Resources Companies May not Have Necessary Time and Resources • Lack of technical expertise to fully implement the new lease accounting standard • Resource shortages: to manually assemble the lease inventory, migrate data to a new system and build new processes • Where to start?

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Solutions

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Plan and Organize the Effort Project Planning

Assess Current State and Prepare for Implementation

On-going maintenance

Implementation and Go-Live

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Project Planning

Where to Begin

• Establish Project Sponsor • Budget and Resources • Establish Cross-Functional Project Teams • Systems Strategy • Create Project Plan • Review Plan with Stakeholders including External Auditors

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Project Planning

Considerations

• Estimated Number of Leases • Estimated Types of Leases • Standard versus non-standard lease contracts • Complexity of Leases • Need to add technology solution • Potential impact on debt covenants, financial reporting, taxes • Who should be on team? Legal, administrative, finance, operations • Use of Practical Expedients: – Lease versus non lease components – Transition 46 | INTERNATION FINANCIAL GROUP

IFG


Assess Current State • Perform inventory of existing leases

Prepare for Implementation

• Identify Documentation Sources • Quantify and categorize existing leases • Identify a sample of leases and obtain lease data • Conduct pilot to determine technical requirements using sample • Understand and document current lease process • Identify software providers and conduct demos • Select software provider • Prepare for implementation – fine-tune plans and resources • Document Accounting Policy (Whitepaper)

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Implementation and Go-Live • System Development and Implementation • Data Gathering • Data input • Quality control and review • Internal Controls • Implement Process Changes

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Jim Hannan JimHannan@ifgpr.com Office: 1-312-241-1630 Mobile: 1-312-563-0560

IFG

Chris Denver ChrisDenver@ifgpr.com Office: 630-366-0960

ASC Lease Accounting  
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