Bloomberg Tax announced a leased asset tracking model that will be available at no cost to companies preparing to make their initial step toward complying with the new ASC 842 standard. This new tracking model enables organizations to record leases and view journal entries for right-of-use (ROU) assets. The model also includes lease liability calculations and lease amortization tables. It is available on Bloomberg Tax’s new AdvantageTM platform at no charge for companies that register at www.bloombergtaxtech.com/lease.
“Many corporations are still in the early stages of simply developing an inventory of their lease obligations as a first step to complying with the new ASC 842 standards,” said Ken Crutchfield, VP & General Manager of Bloomberg Tax Technology. “Public corporations must comply as early as December 15, 2018 and this new tracking model will help them accelerate that process.”
With the implementation deadline of the new lease accounting standard fast approaching, Bloomberg Tax’s no cost leased asset tracking model is perfectly timed to give companies a head start. Bloomberg Tax plans to release a full, robust, leased assets software solution in fall 2018 that will help companies with more complex lease accounting challenges, including time-consuming calculations and reporting requirements. The Bloomberg Tax leased assets software solution, currently in development, will support the ASC 842 standard for all leases including real estate and equipment and will support IFRS rules in a later release. Pricing for the leased assets software solution has not yet been determined. Data entered into the leased asset tracking model will transfer automatically to the new leased assets software solution upon release.
“For decades, companies have relied on our award-winning Bloomberg Tax Fixed Assets™ product to manage complexities surrounding fixed assets and depreciation,” said Diane Tinney, Director of Product Management for Bloomberg Tax Technology. “We are now similarly positioned to help companies manage their unique compliance challenges surrounding ASC 842. With our leased assets tracking model, companies can kick off the ASC 842 compliance process and then automatically migrate their data at a later point to the Bloomberg Tax leased assets software solution released in the fall of 2018.”
In addition, users of the leased asset tracking model will have the opportunity to share valuable feedback as part of a Bloomberg Tax leased assets software solution beta test program.
To learn more about Bloomberg Tax’s leased asset tracking model and upcoming software solution, visit www.bloombergtaxtech.com/lease.