Bloomberg Tax updates ASC 842 compliance system
Bloomberg Tax has updated its ASC 842 lease accounting compliance system, Advantage Leased Assets, with features including support for customized, flexible lease payment schedules. The latest version also provides integration support for automating workflows between Advantage Leased Assets and general ledgers, enterprise resource planning software and other accounting systems.
The updates are aimed at better supporting the needs of large companies with significant lease portfolios, according to Bloomberg Tax. Users can now define their payment schedule with as few restrictions as possible so the schedule can accurately reflect terms set out in a lease agreement. The goal is for accounting teams not to have to stick to a cyclical payment approach.
The new integration feature is vendor-neutral, supporting the push and pull of leased asset data to and from third-party GL/ERP systems or other accounting systems. Users can bulk import their GL codes and run journal entry reports mapped to their actual GL accounts. This can help companies manage large numbers of leases while automating tax and accounting processes.
“The ability to add payments at any date and any payment frequency — not just monthly, quarterly, or annually — provides accounting and finance teams with an easier way to customize their lease payment schedules as they comply with the new FASB ASC 842 standard,” stated Ken Crutchfield, senior vice president and general manager of Bloomberg Tax Technology. “The new integration features enhance existing capabilities to automate the creation and upload of journal entries into ERP systems, which is particularly useful for enterprise companies managing hundreds or thousands of leases, increasing their efficiency and accuracy by reducing or eliminating manual processes.”
Additional features include fully automated lease classification, audit history trail, financial statement disclosures, bulk data import and export, and user permissions. Advantage Leased Assets is part of the Bloomberg Tax cloud-based platform, which also includes an Advantage Fixed Assets solution.
For more information about Advantage Leased Assets, click here.