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
Public companies have been reporting under the new lease accounting standard since January, while the deadline for private companies to adopt ASC 842 will likely be extended until 2021. Here’s a comprehensive list of resources authored by Riveron’s experts to assist in navigating the various challenges and complexities of this implementation process.
With FASB’s recent vote to extend the deadline for ASC 842 adoption, companies may have until January 2021 to comply with the new lease accounting standard. Riveron experts weigh in on why management teams should use this opportunity to critically access their readiness #leaseaccounting
Adopting ASC 842 is not simply a compliance exercise; it is an opportunity to take advantage of hidden benefits such as vendor rationalization and spend reduction.
Few companies anticipated the ripple effect of clean-up activities that would emerge following adoption.
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.