NRTA attendees looking to achieve compliance as FASB/IASB deadline approaches.
Austin, Texas, September 24, 2017 – Accruent, the world’s leading provider of software and services that enable organizations to shape, drive, manage and control their physical assets, invites NRTA attendees to Booth 27 to learn more about Accruent and Lucernex joining forces as the retail industry faces the most sweeping changes to lease accounting and financial reporting in more than 40 years.
The new FASB/IASB accounting standards require companies to 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 FASB/IASB compliant, configurable, scalable solution to manage costs, deliver robust reporting, and increase transparency.
“We are eager to attend this year’s NRTA conference to discuss the new FASB lease accounting regulations,” said Kimberly Williams, Director of Lease Management at Genesco. “With the current successful implementation of the Lucernex Lease Accounting and Administration solution, we were able to stay on track with our compliance initiatives and look forward to learning how fellow retailers are adopting the standards.”
The National Retail Tenants Association (NRTA), a leading source of lease administration education for commercial office and retail real estate lease professionals. FASB/IASB experts from Accruent and Lucernex are ready to help attendees in analyzing their leasing arrangements/portfolios to ensure compliance with the new FASB/IASB lease reporting guidelines.
“A company’s leasing obligations for real estate and equipment can reach into the millions to billions of dollars, so it’s critical that leases are accounted for and managed properly,” said John Borgerding, CEO of Accruent. “With Accruent’s recent acquisition of Lucernex, we’ve joined forces to ensure customers can support compliance, mitigate risk, and gain transparency into their entire lease portfolio.”