LIFE SCIENCES

Nakisa Lease Administration streamlines lease accounting for organizations
in the life sciences industry.

Pricing pressures, emerging innovations and regulatory changes are part of the shifting landscape facing life sciences companies. A wave of significant financial reporting changes, particularly new lease accounting standards – IFRS 16 and ASC 842 – have brought new challenges to accounting professionals in the life sciences industry.

Life sciences companies require access to accurate, real-time leasing data. Organizations must be able to identify leases, including value, payments and depreciation, and be able to produce required disclosure reports. This information is crucial in order for organizations to comply with the new standards. However, time is running out for organizations to gather, analyze and report on leases before the effective dates. How can organizations meet compliance deadlines in a timely and accurate manner? The challenges facing the life sciences industry is immense.

“The accounting changes are just the most obvious impact the new standard will have on life sciences companies. Companies will also need to analyze how the new model will affect current business activities, contract negotiations, budgeting, key metrics, systems and data requirements, and business processes and controls.”