We understand the impact our clients will feel when implementing these new accounting standards, and we believe that our unique partnership with Moss Adams will help alleviate some of the burden.
Dallas, TX (PRWEB) March 17, 2016
Lucernex announced today that we have engaged Moss Adams to assist management in tackling the new lease accounting standards published by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB).
Moss Adams, one of the 15 largest accounting and business consulting firms in the nation, will be assisting us in our testing of the Lucernex Lease Accounting and Lease Management solution’s compliance with FASB and IASB standards.
“Lucernex has always kept financial regulations and compliance top of mind. We provide a powerful financial tool that allows our clients to meet these new FASB guidelines with ease,” stated Jim Short, Lucernex’s Senior Solution Engineer. “We understand the impact our clients will feel when implementing these new accounting standards, and we believe that our unique partnership with Moss Adams will help alleviate some of the burden.”
The new FASB standard requires that companies and organizations recognize assets and liabilities for substantially all leases on the balance sheets. Companies have the option to not recognize lease assets and liabilities for leases with terms of 12 months or less than, but instead disclose the terms in their footnotes similar to how operating leases have been reported “off-balance sheet” for years.
Lease standards take effect for public business entities (and certain other entities) for fiscal years beginning on or after December 15, 2018. All other companies have an additional year for compliance. However, early application is allowed by FASB.
“Simple spreadsheet lease management may no longer be sufficient for maintaining compliance with the new requirements given the additional scrutiny on the right-of-use asset and liability, and additional reporting and disclosure requirements. We encourage companies to assess their readiness as early as possible.” stated Charlie Shannon, Moss Adams Partner.
Moss Adams and Lucernex will also be holding local and web based educational events for Lucernex clients. More information regarding these educational events will be announced in the following weeks.
Lucernex provides cloud based Integrated Workplace Management Solutions (IWMS) to both emerging and enterprise companies around the globe. Our analytics, market planning, site selection, contract management, project management, facility management and maintenance management solutions are used by our valued customers everyday and helps them drive revenue, reduce costs, ensure compliance and mitigate risk. For more information please visit us at http://www.lucernex.com
About Moss Adams
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