Sweeping transformation of the current lease accounting model has been finalized, affecting all companies to varying degrees, across all sectors, in the US and internationally. The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have issued ASC 842 and IFRS 16, respectively, creating new lease accounting models that are not completely converged. The Standards impact both lessors and lessees, with significantly greater impact to lessees. Explore the resources here, which will be continually updated with new developments, to help you transition to the new leasing standards.
Data collection and subsequent analysis is a critical phase of the effort to implement the new leasing standards. PwC has developed a suite of transition tools to accelerate the extraction, validation, modeling, and reporting of data within a lease portfolio. These tools leverage advanced technologies and deep accounting and industry knowledge to translate lease agreements into insights. Check out the brief video above ("From lease agreement to insight") for more details, or download a PDF describing PwC's suite of lease accounting transition tools.