Navigating the complexities of ASC 842, the new lease accounting standard, can be a daunting task for any company. After transitioning many clients to the new standard, National Lease Advisors is now working with almost all lease administration clients to maintain compliance with ASC 842. The service provided to our client include:
Monthly Balance Sheet and Journal Entries Reports
NLA provides clients with monthly Balance Sheet and Journal Entries Reports. This ensures that the clients’ financial data is updated regularly, and their financial reporting was in line with the requirements of ASC 842.
Lease Accounting Checklist
For any new lease or remeasurement of a lease, NLA offers a comprehensive lease accounting checklist. This tool ensures that all the essential steps are taken to accurately account for the remeasurement.
NLA’s Real Estate and Lease Accounting Expertise
Leveraging its deep knowledge in real estate and lease accounting, NLA helps clients navigate the complexities of ASC 842. NLA’s expertise ensures that the clients’ teams fully understand the requirements and implications of the new standard, thereby improving compliance and reducing errors.
Improved Communication Between Real Estate and Accounting Teams
Timely communication of lease measurements is key to compliance. As lease administrator, NLA takes on a central role in coordinating communication between the real estate and accounting teams. This improved communication ensured that lease remeasurements were promptly reflected in reports.
Collaboration with Auditors
NLA establishes a collaborative relationship with their clients’ auditors. NLA proactively answers questions about processes, calculations, and assumptions, ensuring that all stakeholders have a clear understanding of the lease accounting processes.
Results
Through a combination of regular reports, thorough checklists, deep expertise, and a proactive role in communication and collaboration, NLA has successfully assisted multiple lease administration clients in achieving and maintaining compliance with ASC 842.