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Accounting change matters

Designed to deliver more timely and accurate reporting, accounting change standards pose significant challenges.

Accounting change means more than just accounting

Changing standards have far-ranging implications and require greater coordination across departments and disciplines. KPMG’s holistic approach to accounting change helps ensure that you can anticipate the impacts on every front, define the roles each function must assume in implementing your compliance plans, and help departments work together in support of your compliance and business goals.

The KPMG Accounting Change Evaluator (KACE) helps give you the insights to get started

Whether you’re addressing lease accounting, CECL, IFRS Conversion, or another standard, a clear understanding of your current compliance state, your desired future state, and the gaps you need to address is the critical first step in successful accounting change. KPMG’s cloud-based assessment tool was designed to help jumpstart your efforts, giving you a clear picture of regulatory gaps across functions and industries.

Helping your company change for the better

KPMG can help you do more than just meet deadlines and manage rules.  Our experts can reveal unexpected opportunities that new standards present, along with improving efficiency and execution. Accounting change isn't an event. It's an ongoing, evolving process—one that requires consistent support from a well-informed advisor.  Enter KPMG.

The 4 phases of lease accounting

Phase 1:

Assess
 

Phase 2:

Assess
 

Phase 3:

Assess
 

Phase 4:

Assess
 

You have prepared a thorough assessment report including analysis of your entire lease population, the policies, systems and information needed to comply with current standards, and data management requirements.

Your completed design roadmap outlines all business, process and technology requirements, identifies data management procedures, addresses policies, disclosures and training, and includes detailed implementation steps and timing.

You have developed technical architecture, configured system software, designed process, IT, and security controls, completed testing, conducted training workshops, launched new processes and systems and generated financial reports and disclosures.

With new lease accounting processes and systems fully integrated into operations across your company, you can manage your lease portfolio more proactively and respond agilely to future changes in accounting standards.

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