Lucernex is pleased to announce that its lease accounting solution has received independent, third-party verification of its compliance with the new FASB ASC 842 and IASB IFRS 16 lease accounting standards.
This engagement was performed by Skoda Minotti, Lucernex’s independent auditing firm which also performs Lucernex’s annual SSAE 16 technology audit. Skoda Minotti evaluated Lucernex’s design, inputs, calculations and reporting structures, to ensure their consistency with the new ASC 842 and IFRS 16 standards, which enables clients to generate appropriate outputs for their financial reporting systems.
"Our clients are becoming increasingly aware of the practical implications and work that will need to be done to assure their compliance as the upcoming lease accounting change deadline approaches. It’s important to work with a software solution that has a proven history of expertise with lease accounting, and experience in enabling companies to meet their FASB and IASB compliance needs," said Ben Osbrach, partner, Skoda Minotti.
As the industry’s leading innovators of real estate lifecycle management solutions, Lucernex has leveraged its decades of collective lease administration and lease accounting expertise to incorporate the new FASB and IASB lease accounting standards into its fully integrated, true cloud solution.
"Lucernex's integrated solution will enable customers to successfully achieve their compliance and financial reporting requirements for both real estate and equipment leases under the new regulations, which will save companies time and money in the upcoming lease accounting event,” Osbrach added.
“Lucernex has been empowering clients to maintain lease compliance for years and this is a natural continuation of our market-leading position providing comprehensive software that meets our customers’ business and compliance needs,” said Robert Abdul, interim CEO and chief operating officer at Lucernex. “Our customers can be confident that our solution will meet their business and compliance needs under the new lease accounting standards, and that we will be there to partner with them every step of the way to achieve their successful implementation of the new standards.”
“We are seeing a tremendous amount of activity right now in the marketplace as a result of the FASB and IASB changes, and we’re positioned to offer customers the greatest opportunity for success with our time-tested software, lease accounting expertise, professional services, and data migration and implementation capabilities,” Abdul continued.
Beyond this specific evaluation performed by Skoda Minotti, Lucernex will integrate the necessary and appropriate ASC 842 and IFRS 16 testing procedures in its annual SSAE 16 reports to ensure the software maintains ongoing consistency and compliance with the new standards.