NetSuite Admin Tip | Lease Permission

The Fixed Assets Management SuiteApp includes Lease Accounting feature, a powerful tool designed to simplify compliance with international accounting standards. This innovative addition is specifically tailored to meet the requirements of IFRS 16 and ASC 842, which mandate significant changes in how leases are recognized and reported.

The new standards have a profound effect on lessees, requiring them to recognize nearly all leases and make corresponding adjustments to their balance sheets. This means that, starting January 1, 2019, all operating leases will need to be transferred to the balance sheet, ensuring greater transparency and accuracy in financial reporting.

Enabling the Lease Accounting Feature

To ensure users can effectively manage these changes, the Lease Accounting feature provides a comprehensive solution. However, to access the Lease records, Administrators must first enable the