Filed under: Audit & Assurance, Lease Accounting Standard
Clark Nuber is partnering with LeaseCrunch to assist organizations in implementing the new FASB lease accounting standard ASC, Topic 842.
LeaseCrunch is a cloud-based software solution that enables entities to more easily address the challenges created by the new lease standard, while automating the required deliverables. The new lease standard requires substantial footnote disclosures from entities. LeaseCrunch eases this burden by providing entities with many of the disclosures (FASB, GASB and IFRS) needed to complete the footnote, reducing mistakes and the time required of their accounting team. Examples of these footnotes include finance lease expense (amortization and interest), operating lease expense, weighted-average remaining lease term, weighted-average discount rate, and maturity analysis. LeaseCrunch will also calculate the corresponding journal entries.
LeaseCrunch’s “software wizards” will guide users through the complicated requirements of the standard. These wizards help users evaluate the five criteria of lease classification and determine term length when actions like early termination or renewal options must be factored in. These wizards can be implemented as a requirement in the data entry workflow or used as an optional assistant for users to reference when necessary.
LeaseCrunch holds both a SOC 1 and SOC 2 report and has been vetted for strong IT security.
If your company or organization is struggling with implementing the new lease accounting standard, contact Clark Nuber to learn how our professionals and LeaseCrunch can assist you.
© Clark Nuber PS and Developing News, 2022. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Clark Nuber PS and Developing News with appropriate and specific direction to the original content.