JetBlue Airways has selected Accruent, a provider of physical resource management solutions, and its lease administration and accounting software to manage JetBlue’s lease processes and ensure FASB/IASB compliance.

With flights to more than 100 destinations across the U.S., Caribbean, and Latin America, the airline flies 40 million customers annually. Accruent’s lease administration and accounting software solution will allow JetBlue to manage and monitor the highly sophisticated lease agreements between the airline and airport terminals from which they lease space and equipment.

“With hundreds of assets to account for, we needed a solution that would help automate our processes, ensuring that we don’t overlook important dates and notifications,” said LeAnna Buchwald, assistant controller, JetBlue. “JetBlue has had lease management solutions in the past. Accruent is the airline’s first centralized solution. This software will simplify our processes, making sure we are in compliance with FASB reporting standards.”

With new FASB and IASB standards set to take place effective January 1, 2019, public companies must ensure that every single lease is accounted for and recorded on their balance sheet – a daunting task for airlines that have hundreds of leases to maintain. As a result, companies like JetBlue are taking steps to tighten up their administrative processes to ensure that compliance is met.

In addition to enabling JetBlue to process and report core financial data in accordance with the new FASB standards, Accruent’s software will provide enhanced visibility and control over rent and expense obligations across the enterprise.

“Complying with the new FASB/IASB standards can be extremely challenging for companies with sophisticated lease agreements,” said John Borgerding, Accruent CEO. “With Accruent, JetBlue can use a single provider and build on one platform to support compliance, mitigate risk, and gain transparency into their entire lease portfolio.”