FASB, IASB and GASB Compliance

FASB, IASB and GASB Compliance

Lucernex generates disclosure reports that comply with FASB, IASB and GASB standards

FASB, IASB and GASB Lease Accounting Compliance

Due to the new accounting standards, Financial Accounting Standards Board (FASB) ASC 842, International Accounting Standards Board (IASB) IFRS 16 and Government Accounting Standards Board (GASB) No. 87 organizations must include both lessee and lessor lease obligations of all real estate and equipment assets with lease terms of more than 12 months on their balance sheets (subject to certain exemptions).

These new standards were mandated to improve transparency for the amount, timing and uncertainty of cash flows from or due to leases. For US public and all international companies, the deadline to comply with FASB and IASB lease accounting standards began in the fiscal year 2019, while US private companies and government organizations have until the fiscal year 2020 to report using the new FASB and GASB standards

Compliance Reporting

All organizations must adhere to FASB and IASB accounting standards except governmental organizations which will follow GASB.

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Mall retailers, big box stores, restaurants, etc. must achieve FASB and IASB compliance on real estate and equipment leases including stores and assets such as computers and merchandise scanners.

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All businesses that have leased real estate or equipment must be compliant with FASB & ISAB accounting standards. Leased real estate can include corporate offices, warehouses and manufacturing facilities and equipment/asset leases can include anything from photocopiers to trucks to machinery.

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Hospitals, walk-in clinics, dentist offices, etc. must achieve FASB, Stark Law and Antikickback compliance on real estate and medical equipment including CT scanners, MRI machines, surgical robotics, and hospital beds.

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Telecom service providers must achieve FASB and IASB compliance for equipment lease portfolios including ground, tower, fiber, fleet and construction vehicles.

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Government organizations such as school districts, colleges/universities, airports, local government and indigenous sovereign nations need to be GASB compliant by 2020.

Lucernex is a comprehensive Lease Administration and Accounting Solution for Retail, Corporate, Healthcare, Telecom and Government

Designed to meet the needs of both real estate and equipment leases, Lucernex our cloud-based software solution is a third-party verified FASB/IASB compliant solution (GASB compliance report forthcoming), that allows customers to seamlessly mitigate risk, improve business processes, and make decisions that impact the overall health of their businesses.

Lucernex makes it easy for your organization to:

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Meet the new financial reporting requirements under FASB ASC 842, IASB IFRS 16 and GASB No. 87
Accurately classify your leases as operating or finance using the FASB ASC 842 test
Generate accurate accounting scheduled from a solution that has been verified by an independent 3rd party accounting firm

Rapid FASB, IASB and GASB Lucernex Implementation

Sometimes, organizations need quick FASB, IASB, and GASB implementation because they got a late start, they tried to achieve compliance internally, or because they chose the wrong software vendor.

For these reasons and others, Accruent has developed a rapid compliance process that loads the minimum data set required for compliance in phase I and loads the full data set, configured forms, workflow, etc. in phase II. This reduces the number of steps from 8 to 5 and overall implementation timelines are also reduced from 18-24 weeks down to just 4-10 weeks.

Accruent customers choose to partner with us because our compliance software, Lucernex, always helps them achieve compliance and we’ve never had a failed implementation.

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Let’s bring your compliance strategy to completion.

Whether you’re in Retail, Corporate, Healthcare, Telecom or Government, Lucernex can help your organization achieve compliance.