Accruent Lease Accounting Solution Earns Expanded FASB/IASB Verification

Accruent, a provider of physical resource management solutions, expanded the verification process of its lease accounting and administration solution with respect to the new FASB and IASB standards with software testing conducted under several standards and procedures.

Skoda Minotti, an independent accounting firm, performed an expanded agreed-upon procedures (AUP) engagement to further evaluate Accruent’s lease accounting and administration solution. The engagement included both the real estate and equipment leasing solutions. Skoda Minotti also performed SOC 1 and SOC 2 tests on the Accruent system under the SSAE-18 standards.

The procedures tested under the AUP engagement covered the design, inputs, calculations and reporting structures that Accruent has developed in its lease accounting and administration solution for ASC 842 and IFRS 16 compliance. The result is the recently completed 2018 AUP report.
In the nine months since Accruent’s acquisition of Lucernex in August 2017, there has been an increased demand for its solution with the addition of 48 new customers looking to ensure FASB/IASB compliance.

“Accruent is committed to maintaining the veracity and verification of the numbers in its lease accounting and administration solution,” said Ryan Siebel, partner at Skoda Minotti. “It’s important for methodological calculations in software to be verified on a continuous basis.”

Accruent’s solution enables customers such as Brooks Brothers, Brunswick Corporation, Ferguson Enterprises and Jamba Juice to adopt the new FASB/IASB lease accounting standards.

“Unlike many competitors who simply perform an annual or one-time validation of their system, Accruent conducts SOC 1 and SOC 2 reports every six months which is beyond the industry best practice,” said Greg Rivera, SVP of Retail at Accruent. “Furthermore, by providing a similar update to our AUP to validate calculations, Accruent’s customers get additional confirmation of our development inputs, processes and reports.”

By this time, public companies should have selected their solution and implementation partner and should be deep into the implementation process. If a public company has not reached this point, it is important to select an experienced and proven FASB/IASB solution and expert partner to ensure implementation and compliance by January 1, 2019.

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Terry Mulreany
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