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Lease Accounting Software Buyer's Guide

With the issuance of the new ASC 842 lease accounting standard (ASU 2016-02), most companies are finding their existing ERP or accounting system has not yet been updated to track and calculate the required information. This has created a need to select a niche piece of software to perform the new calculations and generate the required general ledger updates and disclosure reports. ...

Balance Sheets + $2 Trillion = New Lease Standard

In February, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02 – Leases (Topic 842). This Update replaces 40 years of lease accounting rules with principles-based guidance. While ASC 842 started its life over 10 years ago as a converged project between the FASB and the International Accounting Standards Board, there is a key difference between the two…more on that later. But they do share one main feature: almost all leases will now be accounted for on the balance sheet. By some estimates, this will mean an additional $2 trillion on U.S. balance sheets. ...

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