Brooks Brothers to Ensure FASB/IASB Compliance with Accruent Software
Retailer Automates Manual Processes with Out-of-the-Box Solution
Austin, Texas, May 2, 2018 – Accruent, the world’s leading provider of physical resource management solutions, announced today that Brooks Brothers has selected Accruent’s lease administration and accounting software to ensure FASB/IASB compliance.
As America’s oldest clothing retailer, Brooks Brothers has more than 200 stores throughout the United States and Canada, and more than 130 locations around the globe, including Asia, Australia, Europe, and South America.
Accruent’s solution enables customers such as Brooks Brothers to adopt the new FASB/IFRS lease accounting standards and process core financial data for reporting under the new standards, while calculating rent and expense obligations.
The new FASB/IFRS standards are the most sweeping changes to lease accounting and financial reporting in more than 40 years with organizations preparing to become FASB/IASB-compliant by first quarter of 2019 for public companies and 2020 for private companies.
“For many companies like Brooks Brothers the focus is to ensure compliance with the new lease accounting standards,” said John Borgerding, CEO, Accruent. “Beyond the immediate FASB/IFRS compliance need, retailers that take advantage of our best-in-class solution’s full capabilities can manage the entire store lifecycle to provide value across the organization.”
Accruent is a global software company that helps organizations achieve superior performance by transforming how they manage their physical resources. Its innovative, industry-leading cloud-based software and services enable organizations to optimize all stages of real estate, facilities and asset management, from capital planning through to IoT-based monitoring and control. With a proven track record across two decades, Accruent has created the only integrated SaaS-based framework and reporting platform for full lifecycle physical resource management. More than 7,000 global customers depend on Accruent solutions to drive out hidden costs, extend asset lifecycles, protect their brands, ensure compliance and deliver on the missions of their organization. Headquartered in Austin, Texas, Accruent serves a wide range of industries in 149 countries around the world.
About Brooks Brothers
Established in 1818, Brooks Brothers was the first American brand to offer ready-to-wear clothing and has continued throughout history with iconic product introductions and innovations including: seersucker, madras, argyle, the non-iron shirt and the original button-down collar. Two centuries later, Brooks Brothers is proud to uphold the same traditions and values and to be the destination for ladies and gentlemen from every generation. Since its founding 199 years ago in New York, Brooks Brothers has become a legendary international retailer while maintaining a steadfast commitment to exceptional service, quality, style and value. Follow us on Twitter @brooksbrothers and Instagram @brooksbrothers and find us on Facebook at www.facebook.com/brooksbrother