Enabling State and Local Government Organizations to Simplify and Accelerate Compliance with the New Lease Accounting Standard
RESTON, Va. – December 17, 2019 – LeaseAccelerator, the pioneer in the Enterprise Lease Accounting software market, announced today that its latest release includes full support for the GASB 87 lease accounting standard. Over the next 12 months, state and local government agencies as well as many state-funded port authorities, educational institutions, hospitals and health systems will be adopting these new standards.
LeaseAccelerator’s GASB 87 lease accounting functionality enables organizations to comply with the new standards quickly and easily. Designed to automate the record-to-report process, LeaseAccelerator performs the accounting calculations, financial reporting and month-end close activities required for compliance, enabling users to focus on managing policies, analyses and exceptions.
Key features of the GASB 87 functionality include:
- Multi-GAAP Lease Accounting Engine – Performs journal entries calculation for lessee and lessor accounting under both GASB 87 and ASC 842.
- Month-End Close Automation – Includes trial-balance and roll forward reporting, general ledger export and disclosure generation.
- Integrated Lease Administration – Includes features to automatically track new leases, contract changes and expiring leases to ensure completeness and accuracy of the lease portfolio.
“The new GASB 87 standard is one of the biggest accounting changes in decades and will be a significant work effort for many government entities. Organizations will need to migrate hundreds, if not thousands, of leases onto their balance sheet and implement new systems, processes and controls,” said Michael Keeler, CEO at LeaseAccelerator. “Having helped thousands of users in small and large organizations adopt the new lease accounting standards over the past four years, we have developed a unique set of tools and best practices that enable us to offer the fastest, simplest and easiest approach to GASB 87 compliance,” noted Keeler. “With portfolios ranging from 10 leases to more than 125,000 leases, our customers rely on LeaseAccelerator to take cost, complexity, risk and time out of their monthly close process.”
To learn more about GASB 87 functionality please visit: https://www.leaseaccelerator.com/products/lease-accounting-software/gasb-87-software/
LeaseAccelerator offers the market-leading SaaS solution for Enterprise Lease Accounting, enabling compliance with the new ASC 842, IFRS 16 and GASB 87 standards. LeaseAccelerator’s proprietary Global Lease Accounting Engine makes it simple, fast, and easy for customers to generate the required accounting and disclosures. LeaseAccelerator’s Real Estate, Lease Sourcing, and Lease Management applications generate considerable savings through smarter procurement and easier management. Learn more at: http://www.leaseaccelerator.com/. Join us at the Global Lease Accounting Summit in Nashville 19-21 May 2020: https://leaseaccountingsummit.com featuring a dedicated day-long GASB track.
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