New Lease Accounting Standards
Are you ready to comply with upcoming FASB lease accounting requirements? Our software can help you.
By 2019, the Financial and International Accounting Standards Boards (FASB and IASB) will require businesses to record leases on the balance sheet. These standards apply to land, buildings and leases including short term and long term obligations.
Our solutions have always worked to enable compliance with core accounting and financial reporting regulations. We have included the functionality to adapt to the new FASB and IASB standards, with automatic calculations for finance and operating leases based upon your leasing data captured. We provide:
A straightforward system
Our system has a simple interface to input the required data. It will then automatically generate the right of use asset, liability, interest and depreciation schedules, in addition to the corresponding lease expense for the life of the lease.
Throughout the life of the lease when an event has an impact on the balance sheet, the software will automatically take these into account and recalculate the right to use asset and liability adjustment. Included in these calculations are incentives received, such as monies received, rent and partial rent free periods, additional costs such as legal fees, dilapidations and asset adjustment through impairment.
These schedules are fully reportable with a suite of reports based upon FASB and IASB guidance provided. The schedules are can be easily exported to excel for modeling purposes and can be automatically delivered for use in corporate accounting systems to avoid manual data entry.
We also provide dual reporting for those companies that need to report leases to both standards simultaneously.
You can reduce your risk of non-compliance with the new standards by using software specially designed to manage your leases. Ensure complete peace of mind with software that has been developed over many years in line with major accounting standards and leasing processes.
Qube Global Software are experts in corporate real estate and lease management software, we also have experience in property finance and accounting with hundreds of customers globally trusting our software solutions. For over 40 years we have worked across a wide range of real estate businesses including industrial, commercial, financial, retail, telecoms and transportation.
An opportunity for improvement
You can take this change as the catalyst to improve the whole real estate management process. Use our software to streamline your working practices and eradicate duplication of data and effort. Our system is designed specifically for lease management. It is proven to deliver better decision making for leading global brands.
The new standards don’t have to be challenging. You are likely to have the data and information available; all you need now is the help and systems to get you to where you need to be. Speak to us today to find out how our software can help you prepare for these lease accounting changes.