LeaseAccelerator, Clearlink Partner Up on ASC 842, GASB 87 Adoption

Clearlink Partners joined the global alliance program of lease accounting software provider LeaseAccelerator. Clearlink Partners is an independent professional services firm providing accounting and business consulting services including project-based engagements for ASC 842 and GASB 87 compliance.

The alliance enables Clearlink Partners to offer private companies, smaller public companies and governmental entities that need help with the implementation and operation of the new standards with services such as:

  • Future state design – Assessment of a company’s current policies and controls, data and systems, and people and processes in order to design a future-state model that automates the time-consuming aspects of the record-to-report process for lease accounting
  • Data collection – Identification of data required to perform accounting under the new standards as well as abstraction of the necessary data from leasing contracts, invoices and purchase orders
  • Software implementation – Upload of leasing and master data into LeaseAccelerator’s enterprise lease accounting software application as well as configuration of accounting policy elections, practical expedients and financial variables
  • Managed services – Day-to-day management of the record-to-report and lease administration functions needed on behalf of corporate accounting organizations

“The additional time proposed by FASB staff provides companies with an opportunity to strategically evaluate their entire lease asset program life cycle needs. Our service approach helps you build a plan for Day 1 implementation; Day 2 operation and sustainability; and, Day 3 program cost and effectiveness optimization,” said Mike Corcoran, managing director with Clearlink Partners. “With an end state defined even before your journey starts, there is an opportunity to leverage the lessons learned from the challenges and results experienced by the large, public companies.”

“With the compliance deadlines for public, private, and government organizations fast approaching, our customers are seeking service providers that can not only advise on the technical accounting issues with ASC 842, but also assist with data collection, system and future state design,” said Tyler Mills, senior vice president of alliances for LeaseAccelerator. “Combining Clearlink Partners’ accounting and business consulting with our best-in-class technology will enable companies to smoothly make the necessary changes to systems, processes, and controls required for the new standard.”

LeaseAccelerator’s Global Alliance program enables professional services and outsourcing providers specializing in finance, accounting and real estate to assist their clients with implementation of the new ASC 842, IFRS 16 and GASB 87 standards. By leveraging LeaseAccelerator’s Enterprise Lease Accounting application, alliance members can offer an expanded set of consulting, implementation and managed services to clients seeking assistance in transitioning their accounting and financial reporting processes.

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