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Your resource for complying with lease accounting standards

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Required, not optional: Lease accounting standards are here

Most leasing activities must now be recognized on your balance sheet. Confidently meet requirements and compliance deadlines.

With added data requirements attached to lease reporting, the path to lease accounting compliance can appear difficult. We can help streamline those challenges and other day-to-day accounting issues and processes associated with application of the lease accounting standards.

Simplify and streamline your process

Automated technologies, accounting expertise, and strong processes can help ease the burden.

Intense hours of manually filling out spreadsheet entries, once conducted outside core business systems, now can be simplified by software solutions and structured services – helping you implement process advances that lighten a heavy lift.

Plan to address these impacts of lease accounting changes

Increased lease transparency
A clearer view of lease activities on the balance sheet and in the footnotes 
Increased lease transparency
Balance sheet changes
Requiring balance sheets to recognize most lease assets and lease liabilities
Balance sheet changes
Dual effect changes
Affecting not only policies but also the systems used to manage them
Dual effect changes
Resource constraints
Competing for attention among existing accounting processes
Resource constraints
Tax implications
Potentially affecting your organization’s income tax reporting
Tax implications
Ongoing compliance
Using processes and controls that govern leasing activities and lease modifications
Ongoing compliance

A comprehensive approach to lease accounting: Completeness, clarity, and control

Our lease accounting services rely on three foundational principles to help you maintain compliance. 

These three principles go a long way in simplifying this complex undertaking.

Completeness

Know where all your leases are and verify they’re all accounted for.

Clarity

Gain a clear picture of your business, so you know where you stand.

Control

Plan a smooth application of lease accounting and confirm compliance.

Position yourself for greater success using these 6 steps

Understand the standard

Recognize how standards will affect accounting policies, systems used to manage leases, and key financial ratios included in debt covenants or key performance indicators.

Gather information

Obtain current and in-process lease agreements plus relevant policies, procedures, data, and systems involved.

Evaluate the impact

Establish a cross-functional team, including accounting, tax, purchasing, IT, and legal, to assess the impact across the entire organization.

Select a transition approach

Plan for required system enhancements, such as updating financial accounting software and purchasing add-on solutions.

Design a solution

Develop a project plan, make a timeline, and secure the necessary resources to meet the effective date.

Implement and monitor

Execute the project plan, monitor status, and communicate with relevant stakeholders.

Insights

10 lessons learned from the new lease accounting standards

Lease modifications & other reductions: Accounting impacts

Crowe professionals answer some common questions about financial reporting for lease modifications, terminations, and subleasing arrangements.
10 lessons learned from the new lease accounting standards

Lease modifications & other reductions: Accounting impacts

Crowe professionals answer some common questions about financial reporting for lease modifications, terminations, and subleasing arrangements.
New lease accounting standard

New lease accounting standard: Right-of-use (ROU) assets

The new lease accounting standard recently became effective for private companies. Here are 10 answers to many questions being asked about ROU assets.
10 observations for private companies’ lease accounting

10 observations for private companies’ lease accounting

Private companies implementing the new FASB lease accounting standard can get 10 valuable observations based on companies that already have adopted.
Revised practical expedient for non-PBE lessees

Revised practical expedient for non-PBE lessees

The FASB’s ASU 2021-09 gives nonpublic business entities greater flexibility to elect the risk-free rate practical expedient.
How to prepare for the new lease accounting standards

How to prepare for the new lease accounting standards

The new lease accounting standards are coming, but many organizations don’t feel prepared. This article provides the steps to help.
Crowe can help you spend less time on lease accounting and more on key business areas
See case study

Ways we can help

Addressing the complexities of lease accounting head-on is a big part of what we do. We’ve been at this for a long time and are ready to apply our deep expertise and know-how for you today.

Accounting advisory services

Engage with dedicated professionals who have specialized knowledge and experience spanning complex undertakings in technical accounting, financial reporting, and strategic transactions.

Discover solutions

Software and technology

We can help you identify and implement software and technology solutions that work best for your organization – providing process innovations designed to streamline lease accounting.

Lease management software

Streamline your process with an integrated enteprise resource planning (ERP) solution built on the Microsoft Dynamics 365™ platform.

Explore our solution

Lease accounting for public sector

Simplify your transition to Governmental Accounting Standards Board 87 standards for the public sector – and target inefficiencies at the same time.

Explore our solution

Streamline your process with an integrated enteprise resource planning (ERP) solution built on the Microsoft Dynamics 365™ platform.

Explore our solution

Simplify your transition to Governmental Accounting Standards Board 87 standards for the public sector – and target inefficiencies at the same time.

Explore our solution

The expertise you look for when complying with the latest lease accounting standards

We know this is a complicated topic.
To say that lease accounting standards are complex is an understatement. But we’re up to the task with the lease management experience needed to make your journey simpler.

We apply the right solutions and tools.
Assembling solutions and tools tailored to your lease accounting compliance process helps things run as smoothly as possible for your organization.

We are here for you.
From planning and implementation to ongoing management, our people are accessible and present to listen and help you navigate the unique challenges you face. 

Kevin Stewart
Partner, Accounting Advisory
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Helping you chart your road ahead to comply with lease accounting standards is second nature to us. Ask us about anything you’re looking for.

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