While uncertainty remains over the final policy details that FASB will soon issue, many leading companies have accepted that the new FASB standard is inevitable, and are looking to use the changes to their advantage. Click here to see the twelve critical questions you should be answering to assess your own company’s state of preparedness.

Get Your Lease Management House in Order

Virtual Premise stands ready to help you manage all aspects of the lease accounting changes. We provide tailored professional services and resources to help you cope with the transition assessment and workload. We provide you with strategic support, allowing you to have a more involved role in proactively managing leases and to be in compliance with all regulatory changes.

FASB Readiness Service Offerings
Virtual Premise delivers FASB Readiness Service Offerings that help you get your lease management house in order now, before the new lease accounting standard is released. These service offerings are designed to help you:

• Take an intense look at your data accuracy and completeness, including the processes you have in place by which your lease information is    obtained, maintained and secured.
• Manage the massive additional workload of the transition period and beyond to ensure initial and sustained compliance with the new policies.

Readiness Assessment
Through a consultative review of your existing data and processes, the Virtual Premise Readiness Assessment takes a comprehensive look at your ability to adopt the new standards.

• A thorough review of current systems used to manage real estate and non-real estate leases.
• A thorough review of current documentation of policies, procedures and work flow.
• A thorough review of current documentation for critical data management and reporting.
• A gap assessment of the current state of data against new data standards recommended for compliance.

You will receive a full assessment report containing detailed findings of the Readiness Assessment and recommendations for full compliance with the new FASB standards.

Lease Data Audit
The Virtual Premise Lease Data Audit is designed specifically to make sure your lease information is reliable and ready for the new FASB policies. We can help you identify any weaknesses in your data, and ensure you address any quality and compliance issues well before they become problematic for your financial reporting.

• An audit of your current inventory of document and data records for completeness and accuracy.
• Development of data management documentation processes and instructions.
• A full review of each relevant data element against legal documents and your business specifications.

As a deliverable, you will receive a detailed report disclosing audit findings.

Lease Data Abstracting
The new lease accounting standards will require that companies do more with their lease data. The Virtual Premise Lease Data Abstracting initiative will identify any gaps in the data you currently track, then work with you to develop best practices for abstracting additional lease data required.

• Identify missing or inconsistent data and data formats.
• Abstract and/or update relevant data elements.
• Enter and update FASB calculation data.
• Define and document instructions for compliance.

Assess your own company’s preparedness by answering these critical questions:

Are you ready for the transition?

• Do you have a comprehensive inventory of all your leases; both real estate and non-real estate?
• Do you have complete, dependable and accessible lease data?
• Can you handle the workload for the one-time transition project?
• Do you know the impact the changes will have on your financial reporting?

Are you ready to defend your lease information?

• Does your current accounting process allow you to produce the necessary audit trail?
• Have you ensured secure access to the information?

Are you ready to restate your financial information?

• Will you be able to restate your Income Statement for the past three years or more?
• Will you be able to restate your Balance Sheet for two years?
• Will you be able to restate your Statement of Cash Flows?