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.”