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Data Management requirements for FASB and IFRS

  • IFMA Facility Fusion 2017 at Caesar's Palace 3570 South Las Vegas Boulevard Las Vegas, NV, 89109 United States (map)

Starting in Fiscal year 2017, organizations will be required to provide FASB and IASB compliant lease accounting information. Although the reporting obligations on FASB ASC 842 regulations will be required from 2019 on, organizations will be held to report on lease related costs retroactively from 2017 on. The regulations include all leases, not only for buildings and spaces but for all assets in the domain of real estate and facility management. It would be deceptive to think that since 2019 is far away still, no immediate action is required. The new FASB and IASB standards require new types of data to be included, so they will need to be captured in-time. In order to be able to provide adequate lease accounting reports to the financial office, not only new data elements are to be captured but also traceability to the decision making processes has to be retained. In this presentation, presenters are explaining the impacts the new FASB and IFRS regulations have on data management as well as process tracking around lease management. Guidance on how to implement is given as well.