Comprehensive Management of Lease Accounting
Lease Management Solutions help accountants and financial professionals understand how to properly account for the trillions of dollars in lease liabilities through CPA-approved, cloud-based software. From reporting to journal entries, the software addresses and improves lease accounting and facilitates compliance for organizations across all sectors reporting under FASB, IFRS, and GASB. These solutions are built with the complexities of lease accounting in mind, arming accountants with operational tools, data integrity, accounting intelligence, international consideration, and the specific disclosure reports required by auditors and regulators.
CPA-approved Lease Management Solutions help accountants and other finance professional eliminate lease accounting errors that lead to material misstatements.
Save time compiling disclosures for quarter and year-end by using pre-built templates.
Easily create any additional ad hoc reports from any data point in the system.
Easy to understand amortization schedules for lease liability and right of use asset with full details required.Lease Liability Index Report
ASC 842 compliance changes, initially adopted by public companies in 2019, are now required for privately-held companies effective at the end of 2022 for all fiscal years ending after December 15, 2021. The new lease standards, following FASB and GAAP guidance, require advance planning, research, and thorough testing. It is advised that affected companies prepare for on-time adoption to avoid additional year-end close stress and ease financial reporting readiness. Implementing a lease accounting solution can greatly help you manage this transition efficiently to ensure compliance.
Learn how to transition from accounting for leases under current GAAP to a successful adoption of the new lease accounting rules. We'll help you navigate the lease accounting changes while avoiding any potential pitfalls along the way.
Transitioning from accounting for leases under GAAP to the new lease accounting standard, ASC 842, can be a challenge. Use this detailed ASC 842 Transition Checklist to assist you through this process.
As the ASC 842 deadline approaches, LeaseQuery gathered insight into the concerns private companies predict will impact lease accounting compliance which includes: COVID and pandemic lease modifications, staffing and talent challenges, and going at it alone.