Lease Accounting Month-End Checklist

Ensure accurate financial reporting and compliance every month with this month-end checklist.

Ready to close your books for the month?

Lease audit procedures, a critical process for ensuring audit readiness and compliance with accounting standards. In this video, we dive into the key steps involved in reviewing an organization’s lease agreements, accounting assumptions, and supporting documentation.

Frequently Asked Questions:

What is a Lease Accounting Month-End Workflow?

A lease accounting month-end workflow is a structured set of tasks and processes that need to be completed at the end of each month to ensure accurate financial reporting and compliance with lease accounting standards. This workflow encompasses various activities, including reviewing new leases, reconciling lease expenses, preparing reports, and creating journal entries.

Why do I need to review lease modifications each month?

Lease modifications can impact financial reporting, so reviewing them ensures your lease data and accounting remain accurate.

How does the month-end process affect my financial reports?

It ensures that all lease-related transactions are recorded correctly, which impacts your financial statements and compliance.