Bloomberg Tax Announces New Leased Asset Accounting Solution
New ASC 842 Leased Asset Tracking Model Delivered in Advance of Anticipated Software Solution Release in Fall 2018
Bloomberg Tax today announced a leased asset tracking model that will be available at no cost to companies preparing to make their initial step toward complying with the new ASC 842 standard. This new tracking model enables organizations to record leases and view journal entries for right-of-use (ROU) assets. The model also includes lease liability calculations and lease amortization tables. It is available on Bloomberg Tax’s new AdvantageTM platform at no charge for companies that register at www.bloombergtaxtech.com/lease.
“Many corporations are still in the early stages of simply developing an inventory of their lease obligations as a first step to complying with the new ASC 842 standards,” said Ken Crutchfield, VP & General Manager of Bloomberg Tax Technology. “Public corporations must comply as early as December 15, 2018 and this new tracking model will help them accelerate that process.”
With the implementation deadline of the new lease accounting standard fast approaching, Bloomberg Tax’s no cost leased asset tracking model is perfectly timed to give companies a head start. Bloomberg Tax plans to release a full, robust, leased assets software solution in fall 2018 that will help companies with more complex lease accounting challenges, including time-consuming calculations and reporting requirements. The Bloomberg Tax leased assets software solution, currently in development, will support the ASC 842 standard for all leases including real estate and equipment and will support IFRS rules in a later release. Pricing for the leased assets software solution has not yet been determined. Data entered into the leased asset tracking model will transfer automatically to the new leased assets software solution upon release.
“For decades, companies have relied on our award-winning Bloomberg Tax Fixed Assets™ product to manage complexities surrounding fixed assets and depreciation,” said Diane Tinney, Director of Product Management for Bloomberg Tax Technology. “We are now similarly positioned to help companies manage their unique compliance challenges surrounding ASC 842. With our leased assets tracking model, companies can kick off the ASC 842 compliance process and then automatically migrate their data at a later point to the Bloomberg Tax leased assets software solution released in the fall of 2018.”
In addition, users of the leased asset tracking model will have the opportunity to share valuable feedback as part of a Bloomberg Tax leased assets software solution beta test program.
To learn more about Bloomberg Tax’s leased asset tracking model and upcoming software solution, visit www.bloombergtaxtech.com/lease.
About Bloomberg Tax Technology
Bloomberg Tax Technology offers expert software solutions to tax and accounting professionals that include a robust corporate tax suite running on our Advantage™ platform. Advantage delivers a comprehensive view of taxes from every vantage point for accurate analysis and strategic clarity. With a category-leading set of software solutions and top-rated technical support, we are the perfect partner for organizations of every size. More than 70,000 customers depend upon Bloomberg Tax Technology for the highest degree of tax, regulatory, and compliance expertise available in the market.
About Bloomberg Tax
Bloomberg Tax provides comprehensive global research, news, and technology services enabling tax professionals to get the timely, accurate, and in-depth information they need to plan and comply with confidence. Our flagship Bloomberg Tax platform combines the proven expertise and perspectives of leading tax practitioners in our renowned Tax Management Portfolios™ with integrated news from the industry-leading Daily Tax Report®, authoritative analysis and insights, primary sources, and time-saving practice tools. Bloomberg Tax technology solutions on our proprietary Advantage platform help professionals simplify complex processes to better control risk and maximize profitability. For more information, visit https://www.bna.com/tax.
The Advantage suite of software solutions from Bloomberg Tax delivers a comprehensive view of corporate taxes across accounting, compliance, and audit teams. Data can be quickly accessed and shared by tax and accounting professionals without redundancy. Those on our proprietary Advantage platform can simplify complex processes to better control risk and maximize profitability. Advantage manages processes related to fixed assets, federal and state tax, NOLs, provision analysis, sales and use tax rates, and more, making it easy to identify tax savings, factor in the impacts of legislation, and make more informed business decisions.