Bloomberg Tax has debuted a leased asset tracking model, available for free to companies beginning to comply with the new Accounting Standards Codification 842 standard for lease accounting.
ASC 842 provides the requirements of financial accounting and reporting for lessees and lessors, and companies must show compliance after Dec. 15, 2018.
The new tracking model from Bloomberg Tax is designed to enable organizations to record leases and view journal entries for right-of-use assets. The model also includes lease liability calculations and lease amortization tables. It is available on Bloomberg Tax's new Advantage platform at no charge for companies that register at www.bloombergtaxtech.com/lease.
Bloomberg Tax plans to release a full leased assets software solution in the fall of 2018, meant to 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 International Financial Reporting Standards rules in a later release. Data entered into the leased asset tracking model will transfer automatically to the new leased assets software solution upon release.
With the leased assets tracking model, companies can begin the ASC 842 compliance process and then automatically migrate their data at a later point to the Bloomberg Tax leased assets software solution to be released later, explained director of product management for Bloomberg Tax Technology Diane Tinney in a statement.
Pricing for the leased assets software solution has not been determined by the company yet.
“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, vice president and 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.”
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