With the upcoming proposed Financial
Accounting Standards Board (FASB) and the International Accounting Standards
Board’s (IASB) accounting standards, the burning question is ‘Are organizations
technology-ready for the upcoming changes?’
To ensure they have the information ready and
organized to meet and comply with these standards, organizations need to start considering now how technology can
help. But, what should organizations look for in software to ensure they
meet the standards but also prepares them for any other changes that could
occur?
You should be looking for a solution that:
- Creates and builds a unified database of contractual data for all your lease operations
- Provides extensible data collection forms that can accommodate business-specific attributes and potential new information required by changes in leasing accounting standards
- Enables the efficient interaction of multiple users throughout the data collection process to ensure data accuracy and integrity
- Provides complete visibility into the changes and decisions made during the process of data collection, ensuring traceability for compliance reporting
- Facilitates interaction with a modern, user-friendly interface that requires minimum training
Nakisa has developed and launched a new
solution, Lease Contract Administration by Nakisa (LCAN), to meet the immediate needs of businesses worldwide who
are preparing for the upcoming changes to lease accounting regulations led by
the Financial Accounting Standards Board (FASB) and the International
Accounting Standards Board (IASB).
