Record to Report

Lease Accounting

New lease accounting regulations: are you ready?

New lease accounting standards are coming. By January 1, 2019, the FASB's ASC 842 and IASB's IFRS 16 regulations will be in force. Getting ready creates challenges and changes to the financial statements of companies globally.

All real estate and equipment leases must move onto corporate balance sheets but most companies don't have the processes and systems to account for these leases. This isn't just a one-time effort, remaining compliant after the deadline is equally critical. Building a global leasing program into a lessee's monthly close takes major process transformation.

Genpact is proud to partner with LeaseAccelerator, the leading provider of enterprise lease accounting software, to help organizations comply with the new standards.

Solutions

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Genpact's Global Lease Accounting Compliance Solution, powered by LeaseAccelerator, offers data collection and migration, process transformation, technology implementation and consulting, and lease management and reporting services. It serves as a global lease accounting sub-ledger, which enables compliance with the new leasing standards.

Our turnkey, outcome-based solution covers both your short and long-term compliance requirements so you have the resources, expertise, processes, and controls to meet the deadline.

Buying consulting, software, and support services separately puts the risk of achieving compliance on your shoulders. As our solutions are outcome-based we share that risk with our clients to make sure you meet the deadline and manage compliance going forward.

We've supported global organizations with end-to-end lease accounting and management services for over a decade, which includes lease administration, accounting, and disclosure management. These capabilities allow us to help you deliver process transformation, data migration, and ongoing management of your complex portfolio of leases.

Data collection and migration: Under the new mandate, details of all contracts that qualify as lease contracts must be captured, tracked and reported. We offer data discovery, abstraction, testing, and management using AI and machine learning that significantly reduce data processing cycle time and cost, while improving quality. 

Process transformation: We redesign your operating model and transform decentralized processes into a highly controlled and scalable environment using our Digital SEPSM framework. We'll also set up a platform for continuous accounting and reporting.

Technology implementation and consulting: We offer a flexible and modular cloud-based solution, powered by our software partner LeaseAccelerator. And our certified implementation specialists support clients through the entire implementation process.

Lease management and reporting services: After implementation, we also help organizations manage their lease administration and accounting, financial reporting, and disclosures. Our strong GE heritage and over 150 lease accounting experts allow us to cater to your long-term lease accounting and management needs.


Watch this video for a quick overview of the new compliance regulations and how they affect you.

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