Managed Lease Accounting Services

PRIMARY CONTACT:
Nicholas D. Lombardo CPA

The Schneider Downs Managed Lease Accounting team can help organizations meet the ASC 842 and IFRS 16 lease accounting standards reporting requirements.  

Lease accounting standards and reporting requirements can have a significant impact on not only your financial statements but also your internal processes for managing and reporting leases on a monthly basis.  

The Schneider Downs Managed Lease Accounting service provides an end-to-end lease accounting solution that blends people, process and technology to reduce the time and complexity of meeting lease accounting standards and deadlines. Our comprehensive lease accounting reporting package can include:

  • Accounting assessment and treatment by lease experts 
  • Amortization schedules
  • Audit trails
  • Custom Reporting
  • Lease listing
  • Monthly/quarterly journal entries
  • Reporting for all annual financial statement disclosure requirements

Our scalable, full-service approach works with organizations of all sizes and industries to ensure they meet lease accounting challenges from the initial adoption of the standards to the ongoing reporting requirements. 

Download the Schneider Downs Managed Lease Accounting Service Overview.

Why Schneider Downs?

The Schneider Downs Managed Lease Accounting team has the expertise to understand lease accounting standards and the software built for compliance. 

  • Accounting expertise – Rely on accounting professionals to understand the complex reporting and compliance requirements of ASC 842 and IFRS 16.
  • Budgeting – Have a fixed cost for lease accounting reporting for budgeting and planning
  • Increased efficiency – Allocate your internal resources to other needs beyond lease accounting reporting  
  • Technology – Know that we use our proprietary simpLEASE lease accounting software to provide accurate analysis for all lease computations
  • Reduce Risk – Shift the responsibility of interpreting complex lease accounting requirements and meeting deadlines off of your team
  • Staffing – Avoid human capital related issues such as staff shortages or lack of expertise

Our experienced accounting advisory professionals work hand in hand with your organization to understand your unique challenges and partner with our technology advisors to find the best solution to ensure your lease accounting standard compliance and reporting requirements are met within scope and by deadline. 

For more information please contact the team at [email protected]

What is ASC 842?

ASC 842 is a lease accounting standard published by the Financial Accounting Standards Board that requires the tracking and disclosure of all lease assets. ASC 842 replaced the previous ASC 840 standard with both public and private companies required to adopt the standard.

What is IFRS 16?

 IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019, with earlier application permitted (as long as IFRS 15 is also applied). The objective of IFRS 16 is to report information that (a) faithfully represents lease transactions and (b) provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. To meet that objective, a lessee should recognize assets and liabilities arising from a lease. Source: IFRS.org

What is simpLEASE?

Built by accountants for accountants, simpLEASE makes the FASB’s Accounting Standards Certification (ASC 842) simple. Designed to solve leasing accounting challenges for organizations of all sizes, simpLEASE is a scalable web-based solution that streamlines the lease accounting process, and provides fast and accurate results regardless of whether you have two or two thousand leases. Learn more about simpLEASE

About Schneider Downs Accounting Advisory Services

Schneider Downs Consulting offers a variety of technical accounting advisory services, as well as outsourced accounting and finance advisory services, for every type of organization – from small businesses to large publicly- and privately-held entities that require a unique perspective.

Learn more about our Accounting Advisory Services

case studies
 
                                    Company impacted by ransomware.
big problem:
Company impacted by ransomware.
big thinking:
Restore system on-site and avoid six-figure ransom.
 
                                    Inefficient tax credit realization.
big problem:
Inefficient tax credit realization.
big thinking:
Identified a $900,000 tax credit, nearly twice as much as prior years.
our thoughts on

Schneider Downs and Penguins partner on 2000s Theme Night at December 1 Game vs. Vegas

Schneider Downs and the Pittsburgh Penguins partner to hold a special 2000s Theme Night when they host the Vegas Golden Knights on Thursday, December 1.

read more >

Shad Fagerland Joins SDAdvantage Retirement Solutions

PITTSBURGH, PA—Schneider Downs, one of the top 60 public accounting, tax, and business advisory services firms in the U.S., has recently appointed

read more >

Steve Barber Joins Real Men Wear Pink Campaign

Steve Barber, Tax Shareholder in our firm's Pittsburgh office, is representing Schneider Downs in the 2019 Real Men Wear Pink Campaign. The campaign

read more >

Schneider Downs Announces New Shareholders

PITTSBURGH, PA-- Schneider Downs, one of the top 60 certified public accounting and business advisory firms in the United States, is pleased to announce

read more >

Schneider Downs Announces Plans for Leadership Transition

Christopher S. McElroy to join Steven D. Thompson as Co-Managing Shareholder, Timothy J. Hammer to retire 6/30/2020 Schneider Downs, one of the nation’s

read more >

Introducing Schneider Downs Consulting

Schnider Downs introduces new structure that consolidates more than 80 existing services into an integrated practice.

read more >

David Murphy highlighted on Post Gazette Ask Me About

Schneider Downs' David Murphy highlighted on Post-Gazette “Ask Me About” regarding the recent ransomware attack that shut down Lincoln College.

read more >

contact us