To start the process of gathering lease data, especially in decentralized organizations, significant collaboration across departments will be critical in order to identify the full population of lease agreements. But arriving at the population is not enough. Companies will have to extract data from their leases they likely never considered before. This process will be time consuming and there should be some urgency on getting started.
However, as organizations get started, they should be careful not to overlook the tax implications of the standard. The last thing a company should want to do is complete a grueling data extraction process just for the tax department to repeat the same task, in order to ensure the tax treatment of the leases is correct.
- Identify key challenges and roadblocks for collecting lease data
- Express the benefits of creating a centralized data repository
- Analyze the impact of the leasing standard on the tax department
- Summarize the book and tax differences that require further consideration
- Discuss the pitfalls of not involving your organization’s tax department early in the process
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Recommended Field of Study:
- Chris Stephenson, Principal, Business Consulting & Technology, Grant Thornton, LLP
- Rebekah Feather, Managing Director, Strategic Federal Tax Services, Grant Thornton, LLP
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