Our lease accounting experts play a crucial role in assisting businesses to accurately manage and report their leased assets, ensuring full compliance with accounting standards such as IFRS 16 and ASC 842. Our process is as follows:
1. Gather all your leases in one centralized database
2. Assess the details of each lease for key reporting characteristics
3. Setup reports needed for filing
4. Ensure you are audit ready
5. Consider an early review with your auditors and credit providers
FASB Guidance requires the following Lease Accounting classifications to be identified for Financial Reporting:
– The Lessees to classify leases as either Finance or Operating lease based on executed and approved lease agreements.
– The Lessor to classify leases as Direct Finance, Operating Lease, or Sales-Type based on the executed and approved lease agreements.
– All Private Business entities are required to be FASB ASC 842 compliant by December 15, 2021 (Fiscal Year), and December 15, 2022 (Interim Period within).
Mohr Partners ensures full compliance for our clients through a combination of expert knowledge, advanced technology, quality control, and comprehensive support, including regular updates on account changes and custom advisory services to navigate the complexities of
lease accounting standards.
The client is a premier provider of home and community-based health care, inspired by core values of respect, integrity, inclusion and growth.
In 2009, the management of the client’s portfolio was in a system no longer supported by their vendor. Moreover, with 700+ CRE locations , the client needed lease administration services to manage their commercial properties portfolios.
Since then, Mohr Partners has been able to help the client transition to a more appropriate system, MRI Qube, to enhance the process, maintain its portfolios and create a smoother system to oversee the leases of its commercial properties altogether.
For more information about Lease Compliance please contact Sohail Hamirani.
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