Occupier, a modern real estate lease management platform for businesses, announced today the release of its third module that enables companies to gain compliance with new lease accounting standards under FASB ASC 842 and IFRS 16.
Read More:Â insightsoftware Announces Intent to Acquire IDL Group
Following the new lease accounting guidance, all firms issuing financial statements must account for leased asset liabilities on balance sheets by the end of 2021. Occupier’s new lease accounting module will provide financial professionals with automated tools to ensure their leases comply with these newly announced standards.
“After launching Occupier Transaction Management and Lease Administration, we have been overwhelmed by positive reviews and inundated with requests by customers to provide lease accounting workflows in one system,” said Andrew Flint, co-founder of Occupier. “Occupier helps companies across all industries simplify their processes. By combining all the necessary workflows for proactively managing a real estate portfolio and maintaining accounting compliance, it will become the go-to solution for businesses of any size.”
Occupier Lease Accounting module will automate the reporting of quantitative and qualitative disclosures about leases and reduce time spent searching for information.
Read More:Â GlobalFintechSeries Interview with Derek Boirun, CEO and Founder at Realio
Specific workflows included in Occupier Lease Accounting will include:
- Recognition of leases on companies’ balance sheets
- Measurement and re-measurement of leases
- Generation of right-of-use assets
- Amortization schedules
- Journal entries
- Disclosures
- Reporting
- Enterprise resource planning and accounting system integrations
“We are looking forward to helping real estate teams have a consistent workflow platform that engages all business stakeholders, whether that’s tenant representation brokers, the real estate team, the finance team, or the C-suite,” said Flint. “These stakeholders will all finally have access to the same dataset, which means they will benefit from a single source of truth for their portfolio information.
Read More:Â Diving Deep Into The Biggest Myths of Online Payments
