Bloomberg Tax has introduced a leased assets application to help organizations comply with the Financial Accounting Standards Board’s new leasing standard.
Bloomberg Tax Leased Assets categorizes and tracks operating and finance leases across different years, calculates the right-of-use asset and lease liability amounts, automates workflow, and integrates with enterprise resource planning systems.
FASB’s lease accounting standard takes effect January 2019 for public companies and January 2020 for private companies. It will require many companies to report their operating leases on their balance sheets for the first time ever, which will mean extensive adjustments in how organizations keep track of their leases and account for them.
Bloomberg Tax Leased Assets runs on the company’s Advantage platform and provides a centralized place for data on leased assets and a document repository for lease documents. The software includes an audit trail that records the responsible party, time and date stamp for various steps in the lease accounting process.
“For virtually every lease, the new standard changes the accounting rules governing both operating and finance leases — with far-reaching implications in terms of financial statement impacts, internal controls, and adoption of new technologies” said Ken Crutchfield, vice president and general manager of Bloomberg Tax Technology, in a statement. “Companies should start their compliance efforts now.”
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