Internal Preparation for Lessors (Part One of a Three-Part Series)
By Gary Anderson, Barbara Galaini, Ann Gill and Scott Thacker
The new lease accounting standard is expected to be issued in early 2016. The time to start planning is now. This series of articles will focus on some of the new standard’s challenges and impacts to lessors and lessees, and will discuss early planning steps that may reduce implementation costs.
Part I of the series focuses on Lessor’s internal considerations (such as Operations, Staffing, Accounting Policies, Education, Underwriting, and Evidence to support key estimates in inputs). Parts II and III of the series will expand the discussion to identify factors to consider for Accounting and Servicing Systems and Customer (Lessee) new requirements and needs, respectively.
This is an extended version of an article published in the January/February 2016 issue of ELFA’s Equipment Leasing & Finance magazine.
Download the full article.