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.