Controllership Perspectives Green Room podcast

New Lease Accounting Standard (ASC 842) for public companies

With the effective date of January 1, 2019, for the Financial Accounting Standard Board’s (FASB) new lease accounting standard (ASC 842) around the corner, companies are entering the final stretch before implementation. Sean Torr, advisory managing director, Deloitte & Touche LLP, and James Barker, audit & assurance partner, Deloitte & Touche LLP, join our host Beth Kaplan to continue the conversation around implementation hurdles, experiences with lease accounting software solutions, as well as answer questions presented during the October Dbriefs webcast.

A lot of companies in the marketplace are going through testing of systems, which is a healthy process and should be a definite focus. The company is learning the new system, training the people involved, but also vetting any bugs that may exist in the system or integrations.

– Sean Torr, advisory managing director, Deloitte & Touche LLP

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Digital risk management and controllership

When shifting to digital, many organizations move to implement new technologies swiftly without giving full consideration to the various risks involved or taking the time to ask the questions that arise with each new digital solution. Julie Velayo, principal, Deloitte & Touche LLP and Chirag Patel, principal, Deloitte & Touche LLP, join our host Beth Kaplan to continue the discussion around the ways controllership functions are managing the new digital risk landscape.

Everyone is coming up to speed very quickly on digital…so finance and accounting organizations will definitely need to be prepared to answer questions on how they have considered DRM concepts in their adoption of digital.

– Julie Velayo, principal, Deloitte & Touche LLP

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Lease accounting: Implementation enters the final stretch

In the follow up to our special edition Dbriefs, special guest Todd Sears, vice president and assistant corporate controller, Walmart; James Barker, partner, Deloitte & Touche LLP; and Sean Torr, managing director, Deloitte & Touche LLP, continue the conversation with additional questions and further guidance on how companies can manage the implementation process and address data challenges of the new lease accounting standards, ASC 842, Leases.

We started quite a while ago in socializing this project. It’s the way that we’ve approached it, and gaining CEO and CFO support that has trickled down has been absolutely critical in overcoming roadblocks.

– Todd Sears, vice president and assistant corporate controller, Walmart

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Accounting automation

Special guest Justin Wallen, who leads Global Decision Support for Pfizer, continues the conversation with additional questions and further discussion about process automation—including how to develop a business case for robotic process automation (RPA) and proof of concept articulating benefits of RPA and identifying the ROIs of automation.

RPA is not emerging—it is here now and mature and if people aren’t looking at it, they should be.

– Justin Wallen, Global Decision Support leader, Pfizer

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Managing the close process

Chris Brown, senior director of global controlling operations at Nike, delves into the close process and provides valuable insights into how organizations can create a more efficient close process with more accurate and timely information.

…although we’re still closing on a four-day timeline, it is a much more manageable workload on a day-to-day, hour-to-hour basis because we have those measurables in place and we’re able to monitor and put the right resources against the issues that may come up…

– Chris Brown, senior director of global controlling operations, Nike

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