Leases are in the spotlight today as a result of changes in the FASB and IASB lease accounting standards. Accounting departments need to start tracking leases differently to meet the new standards, and many organizations are concerned about their compliance strategy.
As hundreds or thousands of leases are added to the balance sheet, accounting departments will face new layers of complexity as they struggle to ensure all the necessary details are synchronized.
PowerPlan’s Lease Accounting Suite simplifies the process, by providing complete lifecycle accounting for all capital and operating leases, including equipment, real estate and purchase power agreements. With a central repository that serves as a foundation for reporting on lease inventories, PowerPlan lets your company build a consistent lease management policy.
PowerPlan’s Lessee Accounting module ensures you’re fully compliant with the new FASB and IASB lease accounting standards. It’s compatible with multiple accounting treatments, including GAAP, IFRS, FERC and IASB, and supports bookkeeping, future expense forecasting, investment management, workflow approvals and reporting.
To comply with new FASB and IASB standards, and their increased emphasis on disclosure reporting, organizations today need a solution that enables complete transparency into lessor portfolios, and improves traceability and recognition of lease receivables.
PowerPlan’s Lessor Accounting module provides complete lifecycle accounting and invoicing for all lessor agreements, including equipment, real estate and purchase power agreements. It not only serves as a repository for all lessor agreements, but contains enhanced modeling capabilities to generate leases with the most beneficial terms and conditions. The module handles the full range of lease calculations, from simplistic to the most complex, including variable rate and dynamic lease calculations.
Check out this article to learn 3 common mistakes you can avoid in building your lease compliance plan
Understand why it's important for organizations of all sizes to prepare for the new lease accounting standards.