The client was required to comply with ASC 842, a new standard governing how leases are reflected within company financial statements. The most significant impact of the new standards will be to move all operating leases (real estate, equipment and embedded) longer than 12 months onto the balance sheet.
The client had a significant lease portfolio consisting of both real estate and equipment leases. The client has locations in two countries with over ten currencies. As a public company with a fiscal year-end of December 31, the client kicked off their project in mid-December 2018 and wanted to achieve compliance by end of March 2019.
The client selected LeaseAccelerator for their lease accounting software and Vaco’s Global Lease Accounting team as the implementation partner.
The Vaco team created a unique project timeline based on the individual client needs and adapted their work schedules around the client’s schedule while working in a different time zone. This unique project included an on-site session at the client’s location in the Middle East during the course of the project.
The Vaco team, comprised of a Project Manager, Technical Accounting Manager and a Data Specialist, provided advisory services in the completeness of data, accuracy of IBR rates, technical accounting knowledge regarding the lease data and the impact of the data to comply with the ASC 842 standard. Vaco configured and designed the software to achieve an automated system that incorporates the client’s business requirements.
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