The new leasing standards are one of the biggest accounting changes in history, bringing trillions of dollars of assets and liabilities onto corporate balance sheets.
RESTON, Va. (PRWEB) October 12, 2017
LeaseAccelerator, the leader in Enterprise Lease Accounting Software, announced today that it was recognized as one of 2017’s top 10 Financial Reporting Solution Providers in the latest edition of CFO Tech Outlook. The annual list of companies has been selected by the panel of experts and members of CFO Tech Outlook’s editorial board to recognize and promote technology entrepreneurship. LeaseAccelerator’s recognition is based upon its innovation in providing “push-button” reporting capabilities for the new lease accounting standards.
LeaseAccelerator is the first application on the market to provide asset level accounting and financial reporting for both current and new US GAAP and IFRS standards, a core requirement of the new standards. Specifically, LeaseAccelerator’s Enterprise Lease Accounting software can support:
- New Accounting Standards – LeaseAccelerator’s lease accounting sub ledger supports the new ASC 842 and IFRS 16 standards. Journal entries are recorded at the asset, schedule and portfolio levels that are then published to general ledgers such as SAP, Oracle and Workday.
- Current Accounting Standards –LeaseAccelerator has supported the current lease accounting standards (ASC 840 and IAS 17) since 2009 including turnkey reporting of the required contractual obligations disclosure.
- Transition Accounting – Companies following US GAAP will be required to provide three years of comparative reporting for income statements and two years for balance sheets. With LeaseAccelerator’s latest release, corporate controllerships will be able to generate all transition accounting and required reporting at the push of a button for the first time ever.
“The new leasing standards are one of the biggest accounting changes in history, bringing trillions of dollars of assets and liabilities onto corporate balance sheets,” said Michael Keeler, CEO of LeaseAccelerator. “We are pleased that not only LeaseAccelerator, but this new category of software – Enterprise Lease Accounting – is being recognized for its contribution to the advancement of the industry.”
LeaseAccelerator was designed not only to automate the financial reports required for lease accounting, but to reduce the cost and complexity of the entire record-to-report process. Upon booking, the application performs automated lease classification, thereby avoiding the time and expense of having a senior accountant perform the analysis. The complex process of tracking modifications to leases throughout the lifecycle is automated with features such as periodic stakeholder attestation, critical date notifications, and roll forward reporting.
“We are happy to announce LeaseAccelerator, Inc. as one among the top 10 companies that are showcased in the Financial Reporting special edition,” said Sarah Dawson, Managing Editor of CFO Tech Outlook. “We have examined the cream of the financial reporting solutions providers, who are at the bleeding edge of the arena. The prized panel of CFOs and analysts on CFO Tech Outlook’s editorial board have dissected the industry and recognized the key players.”
Developed over a period of ten years by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), the new lease accounting standards change the way public companies will report leases in their quarterly and annual financial statements. Many real estate and equipment leases, previously only disclosed in the footnotes of investor filings will now be capitalized on corporate balance sheets. The IASB estimates that over $2.2 Trillion of assets and liabilities will transfer onto corporate balance sheets in the coming years. The implementation deadlines for the new standards start in 2019.
LeaseAccelerator offers the market-leading SaaS solution for Enterprise Lease Accounting, enabling compliance with SOX, SEC, and current and new FASB and IFRS standards. Using LeaseAccelerator’s proprietary asset-based Global Lease Accounting Engine, customers can account for all categories of leases including real estate, fleet, IT, material handling and other equipment at an asset-level. On average, LeaseAccelerator’s Lease Sourcing and Management applications generate savings of 17 percent on equipment leasing costs with smarter procurement and end-of-term management. Learn more at http://www.leaseaccelerator.com/.