New FASB Lease Administration Standards
You are a busy corporate controller working to understand and adopt the new FASB lease administration standards. Without the right technology, your team could end up entirely in the dark, perhaps risking non-compliance with these new regulations.
If you are tired of sorting through endless accounting and lease spreadsheets that do not provide you with meaningful data, it is time to switch to a tool that can fully support your lease management needs. When it comes to understanding and implementing a response to the new lease administration rules, Visual Lease is the trusted partner of choice.
Our software provides you with the modules needed to accommodate FASB lease administration changes without difficulty. Eliminate the burden and hassle of creating a new system for your lease management needs with the help of the technical experts at Visual Lease.
Operating lease accounting applications that comply with new FASB lease administration standards
The most significant of the new lease administration rules likely comes from ASC 842, the rule that requires that all leases, with terms greater than 12 months, be placed onto the corporate balance sheet. This is a departure from previous regulations, which had primarily focused on capital leases instead of operating agreements.
Accounting departments will now be required to record a right-of-use asset and expense liability for every operating lease. Income statements, interest and amortization may also change, depending on the ways in which you choose to manage your lease structure.
Our software automatically performs the complex calculations you need to set your balance sheet right. Furthermore, Visual Lease generates the journal entries you need to fully comply with the new FASB lease administration standards. Stop muddling through your system by hand and start using the tool favored by the pros. Visual Lease is pleased to provide you with the information you require to make a responsible decision about your future lease management. Contact our team today to learn more — the choice is just a click away!