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Accruent LX Contracts: Best Lease Accounting Software

Lease accounting software is a powerful tool for maintaining compliance with ASC 842, IFRS, GASB, and other financial reporting standards.

Demo of Accruent Lease Accounting Software

What is Lease Accounting Software?

Lease accounting software is a specialized system designed to streamline and manage lease agreements in compliance with accounting standards such as ASC 842, IFRS 16, GASB 87, and GASB 96. Lease accounting software helps organize lease data, calculate financial obligations, generate reports, and ensure adherence to regulatory requirements. Accruent LX Contracts is a comprehensive lease accounting software specifically engineered for lease management and compliance. It streamlines lease data centralization, automates calculations, and facilitates financial reporting. LX Contracts offers features including lease abstraction, automated calculations, lease classification, financial reporting, and lease modification management. By aligning with lease accounting standards like ASC 842, IFRS 16, GASB 87, and GASB 96, Accruent LX Contracts supports businesses in effectively managing their lease portfolios.

 

Our Lease Accounting Software Helps You Maintain Compliance

What is Lease Accounting Software

Accruent's lease accounting software, Lucernex, helps organizations meet and maintain adherence to current and upcoming lease accounting standards, including:

ASC 842

FASB ASC 842 went into effect in 2019 for most public companies to close the loophole that allowed corporations to hide assets and liabilities off their balance sheet. Among other things, ASC 842 requires that most leases need to be recorded and capitalized.

IFRS 16

IFRS 16, the latest IASB standard, went into effect in 2019. This new lease accounting standard changed how leases are reported, eliminated many operating leases and required that most leases be capitalized and reported on balance sheets.

GASB 87

GASB 87 is the latest Governmental Accounting Standards Board (GASB) lease accounting standard. It went into effect for most U.S. states and local government agencies in 2019, and it changed how leases are reported, eliminated most non-capitalized leases and required that leases be capitalized and recorded on balance sheets.

GASB 96

GASB 96 is a new standard that revolves around subscription-based IT agreements (SBITAs). It lays out the financial reporting and accounting treatment that must be followed for SBITA contracts. It goes hand in hand with GASB 87.

Lease accounting software review in Capterra of Accruent Lucernex Lx Contracts