Final Whitepaper on Lease Accounting Reform
Alfa's final version of its whitepaper on the IASB and FASB's changes to international lease accounting standards.
The fully revised Lease Accounting Reform: The Systems Impact for Asset Finance Lessors reflects the final standards published by the IASB and FASB, published earlier this year.
In the paper, Alfa provides an overview of the lease accounting standards in use today, summarises the new standards for both lessors and lessees, and reviews the other new standards that may impact lessors’ accounting and lease administration systems.
Ralph Neuff, a Relationship Director at Alfa and the whitepaper’s principal author, explains: “Although the published standards leave lessor accounting largely unaffected, they may still necessitate some modifications to lessors’ IT systems. Additionally, there are changes to credit loss accounting that are more likely to require modifications.
“Lessees with operating leases will be most affected by the new leasing standards. Lessors will want to consider the impact of the changes on their customers, and how they can assist them with both the transition and on an ongoing basis.”