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MIPRO Consulting talks FASB changes & Solutions in AccountingWEB

October 2013

Whether it’s real estate, machinery, or
equipment, financial professionals encounter a broad spectrum of long-term lease liabilities.  Typically,
these leases are accounted for as footnotes in financial statements.  However, the Financial Accounting Standards Board (FASB) intends to move ahead with plans to alter the way that businesses report long-term lease liabilities.  Under the new provisions, financial professionals will be required to report these leases (anything longer than 12 months) entirely in the liability section.  While the FASB changes won’t necessarily alter the way you do business, it will certainly alter your internal business processes.  Employing robust Real Estate Management (REM) software can help you enhance your internal processes and remain compliant with the new regulations.
MIPRO Consulting’s Steven Brenner, a Senior Principal Consultant, recently shared his expertise in an article for AccountingWEB. Titled, “Called to Account: Preparing for Upcoming FASB Changes to Lease Accounting and Reporting,” the article highlights what the FASB changes mean for financial professionals, how they can begin preparing for the new regulations now, and how utilizing sophisticated REM software can help elevate your critical business processes. 
While the new regulations likely won’t go into effect until late 2015 or early 2016, financial professionals can begin preparing now.  Utilizing savvy software solutions like Real Estate Management can help streamline business process, enhance efficiencies and ensure compliance with the new regulations. 
To read the full article, click here.
If you have any questions about FASB or the processes changes that FASB will mandate for your Organization, please don’t hesitate to contact MIPRO, or reach out directly to Steven Brenner.