This session will provide a detailed review of a sample implementation plan for the new accounting standard on Leases with a focus on the need to sequence various activities and identify appropriate internal and external resources. Topics to be discussed include:
1) Considerations in choosing a lease software system.
2) Review of specific technical accounting challenges when abstracting leases into a system, such as identifying lease payments, lease term, options and allocating consideration to components of a contract.
3) Considerations for validating software system outputs, and documenting new processes and internal controls. 4) Impact of adoption on regulatory and statutory capital considerations.