Fully Occupied Scoop: August 2021 Newsletter

Last Updated on August 22, 2022 by Amanda Lee

🏫 Class Is Back In Session

So, what’s the scoop? It is back to school season, so we are recapping our CRE lesson plan from the month of August. If there is one thing we’ve learned over summer break, it’s that the proptech landscape is quickly evolving and CRE is adapting to new technologies, the hybrid work model, and the implementation of the new lease accounting standards, ASC 842. Dive into the CRE syllabus with us from this past month:

📖 Lesson Plan

What is Lease Abstraction?
Extracting key information within a lease portfolio is a time-consuming task, but that is where lease abstraction comes into play. Learn all about lease abstraction in our blog as well as the lease abstraction services we offer.

4 Steps to Identify a Lease Under ASC 842
Learn how to identify an asset in a contract and how to convey the right to control the use of an identified asset with Professor Lauren Covell.

Comparing ASC 840 to ASC 842: Going From Old to New Lease Accounting Standards
The new lease accounting standards are going to require a heavy lift from accounting departments. These new standards demand complete transparency in the financial reporting process. Check out the key changed in the post.

👩‍🏫 ASC 842 Tips from the Teacher

This past month Professor Lauren Covell, CPA and VP of Finance, led a webinar on Advanced ASC 842 for Lease Accounting for Lessees.

Top Tips:

Start early. Your ASC 842 implementation journey will take longer than your teams expect.
Designate a committee. It takes a team to drive ASC 842 implementation success. Involve accounting, real estate, auditing, legal, and IT teams.
Find all your leases. Start by asking employees what leases they have, and follow the past twelve months of financial disbursements.
Ask for help! The ASC 842 transition takes an all hands on deck mentality

ASC 842 Webinar Presentation

📚 New Courses

This semester, Occupier University is excited to introduce two new courses! Our Product and Engineering teams have launched new features within our platform. Click the full lesson plan for a product release videos.