The new ASC 842 lease accounting standard impacts many areas of an organization, not just accounting. The adoption process is a practical challenge – Riveron’s cross-functional approach is designed to simplify the process and create a sustainable solution.
Riveron has extensive advisory experience assessing the impact of and implementing ASC 842 across various industries and company sizes. The standard requires significant judgment, both in applying the guidance and in considering what will likely be far-reaching impacts to companies. Finance systems, procurement, business processes, operations and financial reporting all need to be carefully considered as you respond to change. Riveron goes beyond creating a set of recommendations – we become an extension of management to ensure the implementation is practical and tailored to your business needs.
Our lease accounting offerings include:
- Impact analysis and assessment
- Business requirements and software selection
- Software configuration and implementation
- Lease abstraction
- Business process design
- Operational accounting
- Technical accounting
- Disclosure requirements
- Policy and procedure development
- Project and change management
Riveron is not a CPA firm.
Riveron supports company in configuration and implementation of LeaseAccelerator to adhere to the new lease accounting standard
With the release of the new lease accounting standard, Riveron assisted NuStar Energy L.P., a publicly traded master limited partnership midstream business, with the setup, configuration, and data population of the LeaseAccelerator Enterprise Lease Accounting and Enterprise Lease Management SAAS solution. Riveron configured the environment to adapt to NuStar’s specific needs which enabled user access, accounting output, and full-scale disclosure reporting. Riveron provided lease data abstraction training, including the completion of the data intake workbook, system, and accounting validation exercises. Riveron advised NuStar on finance and operating lease reconciliation, custom migration activities, and training for technical users ensuring the successful implementation of the new lease accounting standard.
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Related News & Insights
The conference focused on changes such as new standards and emerging technology, with speakers also commenting on practical responses to these developments and preparing for what’s next. Riveron attended this year’s conference and our experts have highlighted the most relevant and useful topics that could impact your business.
The SEC has made it clear – a deferral of the effective date of ASC 842, Leases, is not happening. With that reality in mind and the effective date for calendar year-end public companies upon us, are you ready? Based on our extensive experience implementing the new lease guidance for companies of all sizes, these key readiness topics should be top of mind.
Accounting professionals, as the stewards of financial information, have a unique opportunity to take the lead in adopting the new lease guidance and implementing lease accounting software. Approaching the adoption methodically, which includes collecting data, making policy decisions, and applying operational realities, accountants play a distinct role in developing the processes and implementing the systems that guide an organization into the future.
Yes, complying with the new lease accounting standard presents a compliance burden. But the effort may well lead to operational and cost improvements. Read more on this subject, as Riveron’s Bill Maloney, Udit Sharma, and Patrick Garrett contribute in this thought provoking article on CFO.com.
The new lease accounting standard (ASC 842) is effective for calendar year-end public companies on January 1, 2019.