“As discussion and concern around implementing the new lease standard increased this year, there was much said about the readiness -- or lack thereof -- of lease accounting software solutions,” said Ane Ohm, CEO of LeaseCrunch.
MILWAUKEE (PRWEB) October 08, 2019
LeaseCrunch, the only lease accounting software made by former CPA firm auditors for CPA firm auditors, today announced the completion of an Agreed-Upon Procedures engagement in accordance with AICPA attestation standards to evaluate and test the inputs, calculations and reporting output of LeaseCrunch®’s software.
“As discussion and concern around implementing the new lease standard increased this year, there was much said about the readiness -- or lack thereof -- of lease accounting software solutions,” said Ane Ohm, CEO of LeaseCrunch. “So much so, that this may have been a contributing factor in the FASB’s likely implementation delay for private companies.
The importance of accuracy when implementing the new lease standard is critical, so LeaseCrunch understands the unease, particularly since we know all the risks associated with using spreadsheets. That’s why it was so important for LeaseCrunch to go above and beyond, to have a third party evaluate and test the inputs, calculations, and reporting outputs of our software, with our Agreed Upon Procedures report.”
LeaseCrunch engaged Skoda, Minotti & Co., a Top 100 CPA firm, to perform an Agreed-Upon Procedures engagement in accordance with AICPA attestation standards to evaluate and test the inputs, calculations and reporting output of LeaseCrunch’s software.
To complete the report, Skoda Minotti tested the wizards, data entry functionality, foreign currency translation, and calculations within LeaseCrunch. In all cases, their independent calculations and determinations matched the output of the LeaseCrunch software.
“LeaseCrunch is committed to maintaining the veracity and substantiation of the outputs from its software,” said Jim Suttie, Principal at Skoda Minotti. “It is vital for methods and calculations from this software to be relied upon by its users.”
To complete the report, Skoda Minotti tested the following aspects of the LeaseCrunch solution for ASC 842 and IFRS 16:
- Data Entry Integrity
- Testing - Lease Term Wizard
- Testing - Lease Classification Wizard
- Entering and Reporting on Leases
-- Transition Lease
-- Post-ASC 842/Post-IFRS 16 Leases
-- Lease Revisions
- Testing - Foreign Currency Translations
Named by Accounting Today as one of the top new products of 2019, LeaseCrunch provides cloud-based lease accounting software for CPA firms, designed to help organizations implement the new lease accounting standards, ASC 842 and IFRS 16. Designed by CPAs, former Big 4 public accounting auditors, software development veterans and a former member of the FASB staff, the application offers an easy-to-use customer interface that delivers “audit in a box” lease accounting services, reducing the time it takes clients to prepare for an audit. LeaseCrunch allows companies to identify policy elections for the leasing standard through templates for both US GAAP and IFRS. For more information go to: http://www.LeaseCrunch.com
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John Steven Vita Communications