Are you worried about how your organization will be able to comply with the new, complicated FASB/IASB lease accounting standard on time? Are you unsure about whether and how you’ll be able to provide the pro forma statements that will be requested by investors and lenders in the months leading up to the reporting deadline?
If so you are not alone. In a study by Deloitte, 88% of respondents predicted the standard would place a “significant” reporting burden on lessees of real estate.
Only AMTdirect offers the comprehensive set of features and services necessary to help companies comply with the current FASB lease accounting standards and the new lease accounting guidelines that go into place in 2019. AMTdirect clients can be confident that they have the right tool in place for today and the future.
AMTdirect integrates with your accounting and ERP systems and sends straightline rent and deferred amounts right to the system of record.
Eliminate the risk of mistakes due to manual calculation or spreadsheet errors. Leverage audit trail tracking and reporting to ensure correct calculations.
Simple and more complex scenarios are supported including multiple FASB schedules per lease, and multiple FASB start and end dates per lease, and mid-term revisions.
In February 2016, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) released sweeping changes to how leases are accounted for and reported. The changes will significantly impact your company’s balance sheet and fundamentally change leasing strategies and practices.
AMTdirect offers the features and services necessary for our clients to comply with the new standards, including: real estate and equipment lease management, lease amendment revision management, detailed FASB/IASB calculation schedules, multi compliance calculations, and 10-K and 10-Q reporting.
How does AMTdirect help real estate professionals and CFOs comply with the new standards?
AMTdirect is the first lease administration software provider to create the enhanced database, financial engine, reporting and tools necessary to support the new FASB standards, while maintaining support for compliance with existing FASB13 standards.
Our team has developed our FASB Manager solution over a number of years, in consultation with leading accounting professionals and extensive study of the FASB Exposure Draft and related committee reports. This was no simple undertaking.
At AMTdirect, we have also added the flexibility to enable you to track and account for other types of leases and contracts, such as equipment leases, so you have a solid resource for all of your needs regarding the new standards for accounting for leases.
Enjoy maximum flexibility to enable you to determine and follow the best course for your company to implement the new accounting standards.
Automatically generate the necessary calculations, reports and data – right down to the journal entries and footnote disclosures.
Migrate your data from legacy lease administration systems with ease, utilizing the expertise of AMTdirect’s Professional Services Group.
Leverage AMTdirect research, expertise and ongoing consultation with industry experts.
AMTdirect handles straightline and minimum obligation calculations, as well as FASB amortization schedules by payment types. You have the ability to generate straightline rent reports, in accordance with current FASB guidelines, and export a file to your accounting system that includes straightline rent and deferred amounts. The solution supports multiple FASB schedules per lease, as well as AP and AR FASB calculations. Multiple user defined FASB start and end dates per lease are supported as well as mid-term revisions.