header-angle

Impact

The new accounting standards – ASC 842 and IFRS 16 – are not a one-time occurrence, they are a new business standard. Initial compliance with the reporting requirements will involve significant modifications in new systems, processes and controls. The 2019 transition dates for Public companies and 2020 all businesses, non-profits and government agencies are an opportunity for companies to reevaluate corporate leasing practices and the future impact. (link to executive training)

Compliance

The challenge of implementing new systems combined with new processes, roles and controls to ensure ongoing compliance will be on-going. Jackson Cross Partners works with numerous software providers and client companies to build and maintain the required data and change management processes for the new Standards.

Organizational Awareness

The first thing companies should do is determine how many leases they have, and where the documents are stored. For more than a decade, we have worked with companies to find the balance of allocating the right mix of internal and external resources to gather and report source documentation.

Occupancy Strategies

Beyond compliance, there is an opportunity to restructure the corporate portfolio and explore alternate occupancy strategies. Jackson Cross has developed a Corporate Asset Management Platform to utilize the principals and strategies of institutional investors to create significant and permanent cost reductions for corporate tenants.

Data Integrity

The most critical part of compliance is complete and accurate lease data. Jackson Cross has built an end to end Data Integrity platform to support corporate reporting needs for numerous companies. This provides a strong document collection and change management process that’s critical for accurate and timely financial reporting.

Lease Accounting
Principle Contacts

Louis J. Battagliese, Jr., SIOR
Founding Partner

Zachary Forrest
Lease Accounting Specialist