Accruent, a provider of software and services that enable organizations to manage the lifecycle of their physical resources, entered into a joint business relationship with PwC, collaborating to prepare customers for FASB/IASB lease accounting changes.

The joint business relationship will enable PwC and Accruent to work together, where permitted by professional and regulatory requirements, to leverage PwC’s experience in delivering lease accounting services and Accruent’s expertise in developing and implementing software for lease administration and accounting.

As companies prepare to become FASB/IASB-compliant by Q1/19 for public companies and 2020 for private companies, the focus has shifted from simply understanding the new regulations, to actively selecting a compliant lease solution with a company that has a proven history of successful data conversions, implementations and integrations.

Accruent’s solution enables customers to make needed lease reporting changes in real time by actively monitoring the changes to the lease accounting standards and incorporating them into its lease administration software. The solution also manages core financial data for the generation, management and reporting of lease standards. In addition to ensuring lease compliance and controlling costs, Accruent customers can report on both operating and finance lease obligations as well as forecast future assets and liabilities.

“Accruent’s proven solutions with PwC’s expertise in the field is a powerful combination,” said John Borgerding, CEO of Accruent. “Our customers can leverage the strengths of this relationship as they prepare to become FASB/IASB-compliant.”