34 Completeness Do you have a strategy to validate the completeness of the historical lease population prior to the effective date? SECTION 5 SYSTEMS READINESS Most companies are in the process of implementing new lease accounting systems to automate the record-to-report processes for ASC 842 and IFRS 16. In the final stages of the software implementation, companies should focus on testing functionality and performance as well as ensuring that the appropriate level of support from vendors and IT will be available after the effective date. Issue Validation Status Notes 35 Product Have you received your vendor’s latest product Roadmap roadmap and identified critical functionality that will not be ready before your transition date? 36 Quality Have you reviewed your plan for vendor’s Assurance performing quality assurance testing to validate the accuracy of accounting outputs? 37 Regression Have you developed a regression testing plan Testing and cadence to validate new releases from your software vendor? 38 System Have you reviewed your plan for vendor’s Performance transitioning to thousands of ledger entries on the effective date and the potential system performance issues that might occur?
34 Completeness Do you have a strategy to validate the completeness of the historical lease population prior to the effective date? SECTION 5 SYSTEMS READINESS Most companies are in the process of implementing new lease accounting systems to automate the record-to-report processes for ASC 842 and IFRS 16. In the final stages of the software implementation, companies should focus on testing functionality and performance as well as ensuring that the appropriate level of support from vendors and IT will be available after the effective date. Issue Validation Status Notes 35 Product Roadmap Have you received your vendor’s latest product roadmap and identified critical functionality that will not be ready before your transition date? 36 Quality Assurance Have you reviewed your vendor’s plan for performing quality assurance testing to validate the accuracy of accounting outputs? 37 Regression Testing Have you developed a regression testing plan and cadence to validate new releases from your software vendor? 38 System Performance Have you reviewed your vendor’s plan for transitioning to thousands of ledger entries on the effective date and the potential system performance issues that might occur?