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Changes to the balance sheet may affect contractual agreements or debt covenants. Organizations should work with lenders through the normal course of business to amend debt agreements, if necessary, before the standard is adopted to avoid losing access to financing.
The adoption effort revealed that for many companies, centralized access to all sorts of contracts—leases, revenue contracts, vendor contracts, and many more—is typically rare. These siloes can lead to missed opportunities.
Technology Could Slow Pace of New Accounting Rules, Regulators Say
"FASB Chairman (Russ Golden) said he was ‘disappointed’ that many software companies weren’t ready for lease-accounting rules."
CFOs can lead an innovation agenda around AI by showing stakeholders how investments can translate into value, whether that’s topline growth or some type of bottom-line efficiency.
The task is arduous and complicated: Accountants are scouring thousands of bills and contracts to determine if they must change. Tech departments are upgrading their systems and investing in expensive new software as they work to ensure their increasingly automated finance operations can keep up.
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Upload a PDF contract have our AI automatically suggest critical data points, such as options, incentives, allowances and payment escalations - with a workflow approval process.
Smrt provides clear, accurate data to help you comply with new Lease Accounting standards. This includes powerful data that goes beyond compliance - allowing you to make smarter operational decisions.
Produce a disclosure with 1-click. Drill-down into the supporting data with another click. And if you have any questions on the source data, we can take you right back to the original contract.
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According to a recent US business census, there were 5.8 million businesses registered in the USA. This includes everything from a 1-person marketing freelancer to Fortune 100 Company.
Under ASC 842 (and GASB 87 and IFRS16) you will need to collect those data points, along with options, escalations, CPI, incentives, allowances, improvements and other risk factors.