PwC and Accruent join to address new lease accounting standard
Big Four firm PwC and Accruent, which makes physical resource management software, have forged a joint business relationship to address the upcoming lease accounting changes from the Financial Accounting Standards Board and the International Accounting Standards Board.
Accruent will contribute its expertise developing and implementing software for lease administration and accounting, and PwC will contribute its experience delivering lease accounting services to provide a combined solution for clients to comply with the new standards.
Public companies are required to become FASB or IASB-compliant by the first quarter of 2019, while private companies have until 2020.
Accruent’s solution works by making needed lease reporting changes in real time by monitoring the changes to the lease accounting standards, and incorporating them into the lease administration software. The solution also manages core financial data for the generation, management and reporting of lease standards. Accruent customers can report on both operating and finance lease obligations as well as forecast future assets and liabilities.
“Accruent’s proven solutions with PwC’s expertise in the field is a powerful combination,” said Accruent CEO John Borgerding. “Our customers can leverage the strengths of this relationship as they prepare to become FASB/IASB-compliant.”
PwC has a guide to the new lease accounting standard (ASC 842) here.