Bloomberg Tax & Accounting has added support for the new lease accounting standard under International Financial Reporting Standards to its Advantage Leased Assets product, which already supports the ASC 842 lease accounting standard under U.S. GAAP.
The expanded product now gives companies the ability to account for and report on their leased assets under IFRS 16. On top of that, a new foreign exchange rates feature supports the multicurrency needs of multinational corporations that manage assets around the world, letting them convert a lease value from a local currency into a standard reporting currency such as U.S. dollars.
"We're excited to be able to expand to meet the needs of our customers who operate globally by introducing the IFRS 16 and Foreign Exchange Rates features," said Ken Crutchfield, senior vice president and general manager of technology solutions, Bloomberg Tax & Accounting, in a statement. "With transparency for investors at the heart of IFRS 16 and ASC 842, it's critical that multinational companies have the right system in place as their lease liability starts appearing on their financial statements. The enhancements we are announcing today to Advantage Leased Assets will help our customers comply with confidence— wherever their operations are located."
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