I have extensive experience with lease accounting standards, including ASC 842 and IFRS 16. I have successfully implemented these standards in multiple organizations, ensuring compliance and accuracy in lease reporting. My role involved leading teams through the transition process, developing new accounting policies, and training staff on the new requirements. I also worked closely with external auditors to validate our lease accounting practices and ensure they met regulatory standards.

When handling complex lease negotiations, I start by thoroughly understanding the business needs and financial implications. I then conduct a detailed analysis of market conditions and comparable lease agreements to benchmark our position. My strategy involves leveraging this data to negotiate favorable terms, such as lower rent escalations, better renewal options, and favorable termination clauses. I also ensure that the lease terms align with our long-term financial goals and risk management policies.

One significant challenge I faced was managing a diverse lease portfolio with varying terms and conditions. To overcome this, I implemented a centralized lease management system that standardized data collection and reporting. This system allowed us to track lease expirations, identify potential risks, and ensure timely renewals or terminations. Additionally, I established regular review processes to monitor compliance and address any discrepancies promptly.

Ensuring accuracy and timeliness in lease accounting involves a combination of robust internal controls, regular audits, and continuous training. I implement strict data validation procedures and cross-check key metrics to catch errors early. Regular audits by internal and external parties help identify and rectify any discrepancies. I also ensure that the team is well-trained on the latest accounting standards and best practices, which minimizes errors and improves efficiency.

In one instance, we discovered a significant discrepancy in our lease liability calculations due to an error in the initial measurement of the lease term. I immediately initiated a thorough review, involving cross-functional teams and external advisors. We corrected the error by recalculating the lease liability and updating our financial statements. To prevent future issues, I implemented additional review checkpoints and enhanced our lease management software to automate key calculations.