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. In anticipation of this software release, Bloomberg Tax has launched a Leased Asset Tracking Model™ available at no cost that will help companies kick start this process and begin taking the first step in ASC 842 compliance.
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Leased assets solutions
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. In anticipation of this software release, Bloomberg Tax has developed a Leased Asset Tracking Model that will help companies kick start this process and begin taking the first step in ASC 842 compliance.
“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.”
Tracking model
Bloomberg Tax’s new Leased Asset Tracking Model helps companies with the first and most important step in complying with the new ASC 842 standard. Available at no cost, the new tracking model enables companies to record key lease facts, track payment schedules, and generate amortization schedules along with the journal entries for the Right of Use (ROU) asset and lease liability. Built on Bloomberg Tax’s Advantage™ platform, the Leased Asset Tracking Model provides companies with centralized lease management and a way to inventory leased assets for ASC 842 compliance. Customers can take advantage of multiple models, if necessary, and each model supports:
- 500 fixed leases with up to 480 periods of payment (occurring monthly, quarterly, or yearly) both for operating and finance leases with payments in arrears or in advance.
- Lease calculations with purchase options, residual value guarantees, initial direct costs, lease incentives, structuring transaction fees, prepayments, and termination penalties.
- A centralized cloud application that can be accessed by stakeholders across an organization with permissions controls, versioning, and a full audit trail for visibility of changes.
Data entered into the Leased Asset Tracking Model will transfer to the robust, full featured Bloomberg Tax Leased Assets application which will be released in the fall 2018.