CPA Journal, June 2015
A Software Solution for Leases May Prove Elusive
I read with interest “Preparing for the Looming Changes in Lease Accounting” (Dennis Chambers, James Dooley, Catherine A. Finger, The CPA Journal, January 2015), and I commend the authors of identifying “the problem” in a clear manner. The authors are correct to point out that there is an operational and accounting challenge in acquiring, retaining, maintaining, analyzing, and reporting the various types of leases defined by FASB.
Less clear in its practicality is the solution that the author proposes. Software implementation of a changed accounting rule for enterprise resource planning software, and even just for accounting software, carries with it risks, challenges, and—significantly—increased costs.
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