Software upgrades, bug fixes, and a global search for lease data were among the challenges United Parcel Service Inc. faced in preparing to adopt new accounting rules for leases.

Beginning in January, public companies will have to report leased assets and liabilities on their balance sheet regardless of the length of the lease, under rules issued by the Financial Accounting Standards Board in 2016.

Susan Ward, chief accounting officer for UPS, sat down with Bloomberg Tax’s Amanda Iacone Dec. 11 at the American Institute of CPAs’ Conference on Current SEC and PCAOB Developments in Washington to discuss implementation of the lease accounting standard. She also spoke about the use of robotics process automation in the accounting department, and why a historic change in the auditor’s report represents a “natural extension” of the company’s financial disclosures.

Host: Amanda Iacone.
Producer: Nicholas Anzalotta-Kynoch.