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Enable compliance using lease accounting software to manage your real estate and equipment leases
Our lease accounting software has always operated to enable compliance with core accounting and financial reporting regulations, including ASC 840 and the new FASB ASC 842, IASB IFRS 16 and GASB 87 standards. This means that by using our software, businesses can automate calculations that are otherwise time-consuming, prone to error and difficult to audit in a spreadsheet or separate software approach. Designed as an open information system, the calculated values can be interfaced through to corporate accounting systems to avoid manual journal creation. In addition, fields have been added that capture discount rates, assumed end dates of the lease (taking into account break clauses and extensions, plus comments to satisfy auditors as to why this date has been chosen), incentives, costs and dilapidations.
Lease Accounting Software features
Time saving calculations
Automatic recalculations and associated balance sheet adjustments when leasing events require it, such as extensions and terminations.
Equipment lease management
Track and manage all types of assets, including office and IT equipment and vehicles, with visibility into critical data such as lease terms, depreciation schedules, and residual value guarantees.
Comprehensive reporting
New disclosure reports providing details of right-of-use assets, interest, amortization, cash flow and weighted terms.
What if scenarios
Scenario modelling of new leases to aid decision-making when considering the impact of new contracts on the balance sheet.
Advantages
Property & equipment leasing
ASC 842, IFRS 16 & GASB 87 compliance for both property portfolio materiality and non-property assets.
Lessor accounting
ASC 842, IFRS 16 & GASB 87 compliance for lease receivables linked to a head-lease payable, whether the subtenant is a third party company or intercompany.
Lease level accounting
Audit trail for each lease of all balance sheet calculations, each displaying amortisation, opening/closing liability, interest, depreciation etc for each period in line with company-specific accounting calendar.
Discount rate management
Definition and management of discount rate strategy - lease by lease, implicit, asset class.
Dual reporting
Group Vs Entity Reporting, ASC 842 and IFRS 16 dual reporting for organizations requiring to declare the impact on the balance sheet of leases across multiple entities within a global group.
Lease exemptions and classifications
Automated classification of short term leases and small value lease exemptions, along with FASB operational and finance lease classifications.
Accounting periods
Compounding on a daily rate or monthly rate in line with a client’s accounting calendar i.e. standard calendar months, 13 weeks, retail and manufacturing accounting periods (4-4-5).
Disclosure reports
Lessee and lessor disclosure reports (ASC 842, IFRS 16 & GASB 87).
Journal postings
ASC 842, IFRS 16 and GASB 87 journal entries per period – standard reporting or ability to interface to ERP.
Manage your leases with confidence
Whether you want to stay up-to-date with current compliance standards, understand the costs associated with managing your workspace, or partner with a services team to outsource time-consuming lease administration tasks, MRI can assist you with lease administration, lease accounting, compliance, and abstraction.
Resources
Key Facts
400+
Over 400 lease accounting software implementations
100+
Used in 100+ countries
1000+
Trusted by more than 1000 property occupiers
