Feeding the Need for Lease Accounting Compliance

March 31, 2021
< 1 Minute Read

With a $450M lease obligation and more than 10,000 assets, a multinational food processing leader struggled with data decentralization, quality and completeness. They reached out to RGP to help them reach compliance with the new ASC 842 lease accounting standard and better manage their lease portfolio.

Initially, our client needed a project manager to lead and execute their lease data capture program to meet the requirements of their new lease system. But our role quickly evolved to lead and manage the entire system implementation. In addition to leading the project management, our team also:

  • Conducted a lease data assessment and identified gaps.
  • Developed a data governance program.
  • Supported significant business process transformation.
  • Provided direction and guidance on change management.
  • Worked with the software vendor to determine use cases and resolve bugs and other implementation issues.
  • Supported “go-live” support, month-end closing and integration of a recently acquired business’ lease portfolio into the live system.

Growing a Healthy Working Relationship

Ultimately, our work enabled our client to reach compliance with the new ASC 842 lease accounting standard well in advance of the effective date. But our partnership didn’t end there. Since we had developed such a strong, positive working relationship, and they trusted our knowledge of the system, they extended our engagement well beyond compliance so that we could provide “hypercare” to help instill knowledge in the system. And when they upgraded to a new ERP system, they brought the original lease accounting team back once again to make sure their lease accounting platform and SAP instance worked together to maintain the integrity of their lease data.

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