ASC 842 Software | Lease Accounting Compliance Application
ASC 842 software is a financial tool that provides the functionalities needed to maintain compliance with FASB’s ASC 842 financial reporting standard.
ASC 842 Lease Accounting Software
What is ASC 842?
ASC 842 is the latest FASB lease accounting standard that public companies were required to adopt in 2019 and that private companies must adopt in 2020. ASC replaces the US GAAP lease standard ASC 840, and it closes the loophole that lets companies hide assets off their balance sheet by requiring the tracking and disclosure of all a company's leased assets and replaces the previous US GAAP lease standard, ASC 840.
KIMBERLY WILLIAMS - DIRECTOR OF LEASE ADMINISTRATION AT GENESCO
Lucernex Has 100% ASC 842 FASB Compliance Success Rate
Lucernex Lease Administration and Accounting solution can help organizations like yours gain leasing compliance for ASC 842 and other standards like IFRS 16 and GASB 87. Designed to meet the needs of real estate and equipment leases, Lucernex can mitigate risk, improve financial decision-making and streamline business processes, helping organizations:
- Accurately classify operating leases or finance leases using the ASC 842 test.
- Meet the new financial reporting requirements under ASC 842 & IFRS 16.
- Generate accurate accounting schedules that have been certified by an independent 3rd party accounting firm.
Features of ASC 842 Software
Lease Administration and Lease Management
Using a centralized and compliant lease management and lease accounting software, you can streamline processes and proactively resolve errors before they become significant concerns. The Lucernex tool can also track changes to your lease portfolio so you can stay on top of changes in your leases, contracts and terms.
Automated, Audit-Ready Closes
At the end of the month, it can be hard to reconcile information and complete the monthly close process. Lucernex features like cause of change reports, data integrations and automated workflows and reporting can simplify the monthly close and reduce time spend on month-end tasks.
Comprehensive Integrations and Centralized Data
Using flat file secure transfers or REST API, Lucernex can integrate with your existing tools and systems. This can help drive data-driven insight and facilitate ASC 842 compliance. Common integrations include:
Comprehensive Internal Controls
Maintaining data security, privacy and integrity is especially important when it comes to your financial information. Lucernex offers many internal controls to ensure this data integrity, including:
Automatic Compliance with All Lease Accounting Standards
Lucernex is verified as a compliant solution by a leading independent 3rd party accounting firm for not only ASC 842 but also IFRS 16 and GASB 87 standards. This can reduce audit risk by enduring that that your company can not only enter compliance but also maintain it as standards continue to change.
SOC 1 and SOC 2 Report Compliance
System and Organization Controls (SOC) reports are reports issued by third-party CPAs that help establish credibility of service providers. They establish credibility based on five categories: security, availability, processing integrity, confidentiality and privacy.
There are three types of SOC reports, though SOC type 1 and SOC type 2 are most relevant for lease accounting software.
Lucernex is compliant with both SOC 1 and SOC 2, so you can be sure you’re working with a trustworthy software.
Improved Forecasting Capabilities
Comprehensive, integrated reporting and analytics will allow your organization to effectively forecast, budget and allocate funds. This can save time, money and efficiency over time.
KENDALL DUKES - SENIOR MANAGER
REAL ESTATE PROCESSES/LEASE ADMINISTRATION
Benefits of ASC 842 Lease Accounting Software
Simplify Compliance Processes with ASC 842, IFRS 16 and GASB 87
There are many issues that come with choosing the wrong lease accounting compliance tool, including failed implementations, unforeseen costs and limited functionality. Dealing with these issues can make it difficult to maintain compliance with ASC 842, IFRS 16 and GASB 87.
Lucernex has a 100% success rate getting clients into compliance. The tool also offers integrations, ongoing training and audit logs that assist organizations in achieving SOX compliance, SOC 1 and SOC 2 compliance.
Streamline Document Management
Use Lucernex ASC 842 software to get comprehensive, easily accessible access to all of your important information, including your portfolio of leases, your contracts and all related documents.
To further streamline document management, you can create alerts to remind team members of important dates or to let people know when a document is ready for auditing or review.
Secure Your Sensitive Data
Cybersecurity threats are a real concern and this is a particularly relevant threat when it comes to sensitive financial information. In this context, tools like Excel and Google Sheets just aren’t secure enough. Lucernex can help maintain data security by providing: