Former Accountant, Lease Administration and Accounting expert and Lucernex Director of Client Services, Jim Short, discusses the high cost of waiting to upgrade your Lease Administration system.

Changes to FASB / GAAP rules are eminent. Little has changed in the last few reviews and the rules are now out for final comment. It is clear the changes reflect an enormous shift in how leaseholders will account for their leases. The biggest unanswered question seems to be whether they will go into effect in 2013 or 2014.

What we hear from retailers is that they plan to wait until the final rules are adopted before making any changes. There are a number of reasons why waiting is a very dangerous choice. (more…)