Managed Lease Accounting Services
PRIMARY CONTACTS: Nicholas D. Lombardo CPA
The Schneider Downs Managed Lease Accounting team can help organizations meet the ASC 842 and IFRS 16 lease accounting standards reporting requirements.
Lease accounting standards and reporting requirements can have a significant impact on not only your financial statements but also your internal processes for managing and reporting leases on a monthly basis.
The Schneider Downs Managed Lease Accounting service provides an end-to-end lease accounting solution that blends people, process and technology to reduce the time and complexity of meeting lease accounting standards and deadlines. Our comprehensive lease accounting reporting package can include:
- Accounting assessment and treatment by lease experts
- Amortization schedules
- Audit trails
- Custom Reporting
- Lease listing
- Monthly/quarterly journal entries
- Reporting for all annual financial statement disclosure requirements
Our scalable, full-service approach works with organizations of all sizes and industries to ensure they meet lease accounting challenges from the initial adoption of the standards to the ongoing reporting requirements.
Download the Schneider Downs Managed Lease Accounting Service Overview.
Why Schneider Downs?
The Schneider Downs Managed Lease Accounting team has the expertise to understand lease accounting standards and the software built for compliance.
- Accounting expertise – Rely on accounting professionals to understand the complex reporting and compliance requirements of ASC 842 and IFRS 16.
- Budgeting – Have a fixed cost for lease accounting reporting for budgeting and planning
- Increased efficiency – Allocate your internal resources to other needs beyond lease accounting reporting
- Technology – Know that we use our proprietary simpLEASE lease accounting software to provide accurate analysis for all lease computations
- Reduce Risk – Shift the responsibility of interpreting complex lease accounting requirements and meeting deadlines off of your team
- Staffing – Avoid human capital related issues such as staff shortages or lack of expertise
Our experienced accounting advisory professionals work hand in hand with your organization to understand your unique challenges and partner with our technology advisors to find the best solution to ensure your lease accounting standard compliance and reporting requirements are met within scope and by deadline.
For more information please contact the team at [email protected].
What is ASC 842?
ASC 842 is a lease accounting standard published by the Financial Accounting Standards Board that requires the tracking and disclosure of all lease assets. ASC 842 replaced the previous ASC 840 standard with both public and private companies required to adopt the standard.
What is IFRS 16?
IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019, with earlier application permitted (as long as IFRS 15 is also applied). The objective of IFRS 16 is to report information that (a) faithfully represents lease transactions and (b) provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. To meet that objective, a lessee should recognize assets and liabilities arising from a lease. Source: IFRS.org
What is simpLEASE?
Built by accountants for accountants, simpLEASE makes the FASB’s Accounting Standards Certification (ASC 842) simple. Designed to solve leasing accounting challenges for organizations of all sizes, simpLEASE is a scalable web-based solution that streamlines the lease accounting process, and provides fast and accurate results regardless of whether you have two or two thousand leases. Learn more about simpLEASE.
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About Schneider Downs Accounting Advisory Services
Through our Accounting Advisory Services, Schneider Downs offers various technical accounting advisory services in addition to outsourced accounting and financial advisory services for every type of organization, from small businesses with limited resources to large publicly and privately held entities that require a unique perspective.
Learn more about our Accounting Advisory Services.
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