Bloomberg Tax released a new lease assets solution designed to help organizations address and comply with the new FASB ASC 842 standards.

Bloomberg Tax Leased Assets classifies and tracks operating and finance leases across multiple years, computes complex right-of-use (ROU) asset and lease liability amounts, automates workflows, and integrates with ERP systems.

The changes to accounting rules take effect January 2019 for public companies and January 2020 for private companies, with publicly traded companies required to report operating and finance leases on their balance sheets and have new lease accounting tests and guidelines in place. This dramatically increases the quantity of data to be gathered and accounted for on financial statements.

“For virtually every lease, the new standard changes the accounting rules governing both operating and finance leases – with far-reaching implications in terms of financial statement impacts, internal controls, and adoption of new technologies,” said Ken Crutchfield, vice president and general manager of Bloomberg Tax Technology. “By implementing an automated lease accounting solution, such as Bloomberg Tax Leased Assets, organizations will gain visibility into their lease data, understand the impact to their financial statements, and be in a position to comply with the new lease accounting rules.”

Bloomberg Tax Leased Assets runs on the Advantage platform and provides tax and accounting professionals with:

• Centralized leased asset data and a document repository for lease documents
• An audit trail that offers a complete record including responsible party, time and date stamp for each step of the lease accounting process
• Automatic lease classification and data driven re-measurement treatment
• Reporting for journal entries and balance sheets
• Integration with ERP systems that empowers better decision-making and realized cost savings

Bloomberg Tax provides comprehensive global research, news, and technology services enabling tax professionals to get the timely, accurate, and in-depth information they need to plan and comply with confidence.