Posted on 09/06/2016
As the industry leader in lease accounting, we are now introducing functionality to begin the adoption of lessee accounting as it applies to the newly released FASB lease accounting standards with our Accruent Suite 8.6 release. Accruent is building upon 20+ years of product expertise and is providing organizations the ability to transition their leases to the new accounting model and recognize and report the asset and liabilities for their leases. This is the first in a series of releases that Accruent will provide to help you comply with the new lease accounting standards.
With the 8.6 release, Accruent clients can begin their adoption of the new FASB lease accounting standards in preparation of the final adoptive date of 2019. This is the initial release aimed at providing accuracy for tenants now having to bring the liabilities associated with leases onto their balance sheet. Upcoming FASB lease accounting releases will include sublease accounting, lessor accounting, sale & leaseback accounting and a portfolio analysis.
Some of our new features for this release include…
The 8.6 release will now fully support Google Chrome & IE11. By providing support for Google Chrome across LA8, and the Accruent Suite, Mac users are now able to fully operate within the application.
Along with the browser updates, the Accruent Suite team focused on upgrading our 3rd party application integrations. This includes the upgrades of the Skelta Workflow engine, Business Objects reporting solution and the Brava! file viewer.
Skelta is the workflow tool that automates the real estate, construction and maintenance activities for many of our customers. Skelta allows our customers to streamline business process across multiple stakeholders.
Business Objects is the enterprise reporting solution that is integrated with the Accruent Suite & LA8. Business Objects Xi 4.1 allows customers to have a clear look at the performance across their portfolio.
Brava! allows our customers to access content in virtually any format anywhere they are accessing Accruent. This provides the ability to collaborate across different departments throughout the real estate lifecycle.
Now let’s take a quick peek at some of the FASB functionality in our new release.
Transfer Leases to New Accounting
You can select leases you would like to transfer in the new FASB Topic 842 schedule. This will populate the leases in the Details Entry page. This makes the process of transitioning your old leases to the new standards quick and painless.
The FASB Schedule tables and related calculations have been updated in compliance with the FASB Topic 842 standards.
For example, in an operating schedule, the system calculates the lease expense, the right of use asset and liability to make lease payments.
To learn more about the 8.6 release and to obtain our latest Product Briefing, please contact your Accruent account management team.
Keep on the lookout for some upcoming webinars providing demos on the new lease accounting functionality and more about FASB and how Accruent can be your partner in making the transition to the new standards. And don’t forget to check out our FASB readiness page for everything you need to know about getting into compliance with the new regulations. Finally, look for another blog next week recapping our Retail Executive Summit!