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Implementing the new lease accounting standard – your experience
Good Morning Everyone!
Yesterday, Gina McDonald led a very informative webinar surrounding the new FASB standard for lease accounting. The recording and slides will soon be available on this site but in the meantime, in addition to the insights shared in the webinar by Ellie O’Brien from Propel Nonprofits, we’d love to hear directly from you about your own organization’s experience in implementing the standard: What challenges did you face, particularly in the calculations and accounting? How were you assisted by your auditors? Was there a software tool that you used to ease the implementation? How did you communicate this change on your financial statements to your funders?
Thanks in advance. We look forward to hearing from you!
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1 Reply
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The lease standard certainly gave many finance teams a new hobby that nobody asked for. I think the hardest part is often gathering complete and accurate lease information before tackling the calculations themselves. Having auditors involved early can be reassuring, particularly when there are judgement calls around terms and renewals. A simple lease register can also make the process much easier to manage. For financial statements, I would keep the explanation clear and focus on what actually changed. Funders generally want to understand the impact, not read an accounting textbook.