New GASB 87 lease accounting module provides government entities and public sector organizations with simplified lease accounting compliance
Woodbridge, NJ, February 19, 2020 – Visual Lease, the leader in lease accounting and management software, announced today its full support for lease accounting standard, GASB 87. Similar to Standards ASC 842 and IFRS 16, GASB 87 requires organizations to record leases on their balance sheet. Government entities such as state and local municipalities, and public sector organizations including some higher education and healthcare entities, must all comply with GASB 87.
Visual Lease software currently enables more than 700 organizations to achieve compliance with ASC 842 and IFRS 16. With the addition of GASB 87 support, government and public sector organizations will now have the ability to leverage Visual Lease to easily and quickly comply with the unique lease accounting standards applicable to them.
“We are proud to have the opportunity to provide the public sector with our best-in-class, comprehensive lease accounting solution,” said Clark Convery, COO at Visual Lease. “A core focus for our business is to continually develop additional features and functionality to offer our clients the most reliable, successful way to achieve lease accounting compliance. It was an obvious decision for Visual Lease to extend our lease accounting functionality to support GASB 87.”
Using Visual Lease’s GASB 87 functionality, organizations will have the ability to easily manage key data points across every leased asset, automatically run disclosure reports and journal entry calculations, integrate with third-party ERP applications and more. In addition, the software also supports GASB 13.
To learn more about Visual Lease’s support for GASB 87, please visit: https://visuallease.com/compliance/gasb-87/
About Visual Lease (visuallease.com)
Visual Lease provides lease accounting and lease administration software solutions to help companies manage, analyze and report on their leased asset portfolios, including real estate, equipment and more. The company’s SaaS platform combines GAAP, IFRS and GASB-compliant lease accounting controls with sophisticated and flexible lease portfolio administration. Over 700 of the largest publicly-traded and privately-owned corporations, retailers, hospitals and institutions around the globe rely on Visual Lease’s cloud-based SaaS platform to meet operational and compliance requirements. For more information, please visit visuallease.com.