New ASU/IASB lease accounting standards: Achieve compliance with Microsoft Dynamics 365 and partner-driven solutions

While companies are hard at work preparing the Financial Accounting Standards Board's (FASB) new revenue recognition rules (effective for public companies in 2018), the effective dates for the new lease accounting rules contained in the FASB's Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), and the International Accounting Standards Board's (IASB) International Financial Reporting Standards (IFRS) 16, Leases, are not far behind.

These rules are complex and quite intricate, and companies that do not begin to prepare soon may find it difficult to comply in a timely manner. Those organizations that use Dynamics 365 understandably will need both an integrated solution, and regulatory and technical guidance from their Microsoft partners. 


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About Jeff Goudie

Jeff W. Goudie, CPA, is a partner in performance consulting at Crowe Horwath LLP, one of the largest public accounting, consulting and technology firms in the U.S. He has more than 25 years' experience, with the past 15 years successfully deploying enterprise systems, specializing in Microsoft Dynamics ERP. He guides clients through complex enterprise system projects involving cross-functional teams, custom development, third-party solution providers and system integration.

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About Luis E. Lopez Garay

Luis E. Lopez Garay, CPA, is a performance consulting senior staff member in Crowe Horwath LLP's enterprise solutions group, focusing on the design and execution of accounting, finance and shared service processes via ERP systems. He currently serves as a finance resource for the Crowe Leased Asset Calculator, a Crowe Horwath application built for Microsoft Dynamics AX and Dynamics 365 to help companies comply with the new FASB 842 and IFRS 16 leasing standards. He previously served as an auditor focused on publicly traded companies. 

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