New Leased Assets Solution From Bloomberg Tax Helps Companies Comply with New Lease Accounting Standards

Bloomberg Tax has announced the release of a new lease assets solution designed to help organizations address and comply with the new FASB ASC 842 standards. Bloomberg Tax Leased Assets™ classifies and tracks operating and finance leases across multiple years, computes complex right-of-use (ROU) asset and lease liability amounts, automates workflows, and integrates with ERP systems.

The changes to accounting rules that take effect January 2019 for public companies and January 2020 for private companies require publicly traded companies to report operating and finance leases on their balance sheets and have new lease accounting tests and guidelines in place. This dramatically increases the quantity of data to be gathered and accounted for on financial statements, and causes concern for the C-suite over changing metrics and increased financial statement risks.

“For virtually every lease, the new standard changes the accounting rules governing both operating and finance leases – with far-reaching implications in terms of financial statement impacts, internal controls, and adoption of new technologies” said Ken Crutchfield, Vice President & General Manager of Bloomberg Tax Technology. “Companies should start their compliance efforts now. By implementing an automated lease accounting solution, such as Bloomberg Tax Leased Assets, organizations will gain visibility into their lease data, understand the impact to their financial statements, and be in a position to comply with the new lease accounting rules.”