September 14, 2017 - FASB/IASB-Ready Solution Enables Compliance for Real Estate and Equipment Leases
Austin, Texas, September 14, 2017 – Accruent, the world’s leading provider of software and services that enable organizations to shape, drive, manage and control their physical assets, today announced that Jamba Juice, healthy lifestyle brand and global leader in handcrafted blends, will manage its large retail store portfolio with Accruent’s lease administration software.
The new FASB/IASB standards are the most sweeping changes to lease accounting and financial reporting in more than 40 years. Companies must pull all qualifying leases onto the balance sheet as assets and liabilities, requiring organizations to review existing processes and build new ones. These changes have many companies reevaluating their software, looking for a solution to report on equipment and real estate leases. Accruent recently acquired Lucernex, including its lease accounting software – a configurable, scalable solution to manage costs, deliver robust reporting, and increase transparency.
“With Accruent’s recent acquisition of Lucernex, we’ve gained the strength of two market leaders in real estate and lease administration solutions,” Josh Nicosia, Vice President, Development and Legal Affairs, Jamba Juice. “The Jamba Juice business calls for a comprehensive real estate management solution that manages our real estate portfolio and equipment leases, and one that eases our compliance responsibility associated with the new lease accounting guidance. We’ve found this with Accruent’s software.”
In addition to ensuring lease compliance and controlling costs, Accruent customers can report on both operating and finance lease obligations as well as forecast for future assets and liabilities. Accruent’s solution enables its customers to make needed lease reporting changes in real time by actively monitoring the changes to the lease accounting standards and incorporating them into its lease administration software. The solution also manages core financial data for the generation, management and reporting of lease standards.
“Jamba Juice requires support across the entire real estate lifecycle, including regulatory reporting for FASB,” said Greg Rivera, SVP Retail & Healthcare, Accruent. “With a FASB/IASB-ready solution and the combined resources of Accruent and Lucernex, we are helping our customers transition smoothly to compliance with the new lease accounting standards.”
Accruent provides software and services that enable organizations to shape, drive, manage and control their physical assets. Accruent’s solutions are at work in more than 5,800 leading organizations worldwide, including 40 of the top 100 retailers, 25 percent of the Fortune 500, 40 percent of leading universities, all 4 of the top U.S. wireless carriers, 55 percent of U.S. hospitals as well as leading service providers managing more than 15 billion square feet of property. Founded in 1995, Accruent is headquartered in Austin, Texas, with locations across the U.S. and in Canada, China, India, Israel, Germany and the United Kingdom.