One of the biggest impacts of the new FASB and IASB standards is the recognition of equipment leases on balance sheets. The upcoming regulatory deadline is putting pressure on organizations to quickly identify equipment leases, integrate and become compliant.
There are unique challenges to becoming FASB and IASB compliant on equipment leases, such as:
- Identifying and finding equipment leases, including accounting for fleet leases
- Aggregating and determining the data sets needed
- Integrations and post-compliance benefits
Accruent actively monitors the proposed changes and incorporates them into our robust financial engine that manages core financial data for the generation, management and reporting of lease standards.
Our lease administration software complies with the FASB and IASB changes to ensure our customers receive the most up-to-date functionality, such as lease classification, re-measurements, and audit tracking, as well as reporting in parallel throughout the transition period.
As you work with your accounting team to tackle FASB and IASB head on, Accruent is ready to be your trusted software partner and help you meet these standards. Whether it’s the lease transition from FAS 13 to Topic 842 or GL Integrations, Accruent has you covered.