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LeaseAccountingChanges.com provides corporations with innovative tools and up-to-the-minute news information to navigate complex new rules
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Though the new lease accounting rules are expected to go into effect no sooner than January 1, 2013, given the need to report two prior years’ comparative information Jones Lang LaSalle is urging companies to begin to prepare immediately, particularly for businesses that draw heavily on lease arrangements. The increased level of detail that companies will need to address will lead to a significant shift in resourcing, data and information management and reporting, with a profound increased administrative burden on lease management. “We cannot overestimate the sweeping change these rules will bring to nearly all global corporations, transforming lease accounting from its historical position as a back-office function into a fundamental element of strategic portfolio planning,” said Michael Billing, Senior Vice President at Jones Lang LaSalle. “As a leading-edge global real estate services firm, we continue to develop winning strategies for corporations to reduce costs and improve productivity within a rapidly changing business landscape, and helping our clients navigate through the new rules is a top priority.” “By understanding and quantifying the impact of how negotiated lease terms will drive the balance sheet and income statement under the new rules, and, concurrently, re-evaluating desired lease structures and the principles for lease vs. own decision-making, a company can gain a long-term advantage within this new accounting landscape,” added Mindy Berman, Managing Director at Jones Lang LaSalle. The new rules will affect all companies reporting under either International Financial Reporting Standards (IFRS) or US GAAP including all US-based companies, most European Union-based companies and in Asia Pacific, any company based in Australia, Hong Kong, India, Japan or Korea where conformity to IFRS is or will be followed.Jones Lang LaSalle has been the leading provider of client direction about the lease accounting changes. One area facing the greatest impact is lease administration, which Jones Lang LaSalle has been managing for clients for nearly two decades. Within the last five years, its lease administration business has continued to grow, providing a range of services from data management to full financial scope lease administration services for more than 70,000 corporate sites and $6.7 billion in managed spend. Currently, Jones Lang LaSalle serves more than 30 clients with portfolios in Latin America, a number that is forecasted to grow dramatically in the next 12 months. To hear more information about Jones Lang LaSalle’s viewpoints on the lease accounting changes, you can listen to the following free Webcast replays:
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
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