Bloomberg Tax Leased Assets
Comply with the New Lease Accounting Standard
Bloomberg Tax plans to release a full, robust, leased assets software solution in fall 2018 that will help companies with complex lease accounting challenges including the time-consuming calculations and reporting requirements needed to comply with the new ASC 842 standard.Get Started
Bloomberg Tax Leased Assets
Making smart choices for complying with the new FASB lease accounting standard (ASC 842) offers the opportunity to add value to your company by streamlining processes, empowering better decision-making and realizing cost savings.
Bloomberg Tax will deliver an end-to-end leased assets software solution in the fall of 2018 that will allow companies to tackle the time-consuming calculation and reporting requirements needed to comply. Currently in development, the software solution will track operating and finance leases, provide complex calculations for Right of Use (ROU) asset and lease liability, and deliver advanced reporting capabilities for journal entry, payment and amortization schedules, and more.
Companies to Get Cost-Relief Option in Lease Rule Transitionread now
“A number of companies are reporting concerns about IT systems they have leased for evaluation prior to purchase that are not registered in the proper state, resulting in these companies not having a good quality control system over financial reporting when they go live on Jan. 1, 2019.”
From July 31 to October 31 2018, Bloomberg Tax is launching a pre-release testing program that allows industry professionals to use Bloomberg Tax Leased Assets before its available and provide feedback on the features most important to you. Bloomberg Tax’s pre-release program will help ensure that the solution not only meet the needs of its users but, ultimately surpasses the expectations of the organizations it serves.
Take advantage of top features like:
- Calculation Engine: Auto calculate right-of-use (ROU) Asset, lease liability, and interest Expense.
- Document Management: Upload and store lease contracts.
- Entity Management:Track leased assets by entity and create consolidated grouping among assets.
- Data Integration: Integrate with the Bloomberg Tax Leased Assets Tracking Model™.
- Reports: Generate payment and amortization schedules, and ASC 842 disclosures.
- Journal Entries: Generate journal entries for a focus period.
- Audit History:Track audit changes and require users to provide documentation of changes.
- Permissions:Set permissions and controls based on user roles.
In addition, participants will also have COMPLIMENTARY access to Advantage™ and workflow tools like document management, spreadsheets, and project management through October 31, 2018.
New Leasing Standard “Devil’s in the Detail”
In February 2016, the Financial Accounting Standards Board issued ASU 2016-02 Leases (ASC 842). ASC 842 brings most leases onto the balance sheet creating a right-to-use asset and a lease liability. The new standard will also require additional disclosures.Read more