Improved Transparency Results When Leased Assets Move to Your Balance Sheet
If you lease or expect to lease fleet vehicles in the future, changing accounting standards will impact how you do business. And, if you haven’t done your due diligence, these new standards may result in a significant investment of time and resources to ensure you are ready to implement the appropriate requirements under IASB or FASB.
While you may think, “this is something my finance team can figure out” you too must be involved. It will be critical for you to work closely with both your internal and external finance and accounting teams for guidance and interpretation to ensure a successful and timely implementation.
However, making sense of these accounting standards doesn’t have to be tricky. In Construction Executive magazine, ARI’s Vice President of Finance Paul Azores recently shared what construction fleets need to do to be prepared before the first set of regulations go into effect in December 2018. The good news is that leasing still remains a viable option, and once you determine the method that works best for your business, your fleet is positioned for functional and financial success.