IDC Market Spotlight
Enterprise Lease Accounting Software Market:
Making IFRS 16 and ASC 842 Compliance Easy
Published February 2017
IFRS 16 and ASC 842 are new lease accounting standards with which corporations must comply in the next two years. This Market Spotlight examines the ramifications of IFRS 16 and ASC 842 on companies. The paper also looks at the role of lease accounting software in meeting these strategically important business process and financial statement reporting requirements.
Excerpt from the Report
Enterprise lease accounting software aids accounting and finance professionals by saving them time in business processes, reducing human touch points and errors, increasing productivity, and bringing visibility to all aspects of the lease. With enterprise lease accounting software, professionals can view, approve, track, monitor, and value lease assets across the organization.
The best lease accounting software is SaaS or cloud based which enables a company to track leases at the portfolio, schedule, and asset levels. All data elements must be tracked for each asset, including the judgments, calculations, emails, and supporting documentation. In addition, activities supporting each leased asset must be tracked, such as upgrades, swaps, partial buyouts, returns, and renewals. When this extremely detailed information is available, all debits and credits can be produced to meet the needs of the new standards. In addition, income statements, balance sheets, and cash flow statements can be generated so that a company can look at the impact of the new standards and the current standards as well as the impact of running both in parallel.
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Learn how software automation can help you maintain your lease accounting data in order to stay in compliance with ASC 842 & IFRS 16.