Tag Archives: GREAT FALLS

New Study Finds Most Companies Lack Systems and Processes to Comply with New Lease Accounting Standards

GREAT FALLS, Va., May 11, 2016 (SEND2PRESS NEWSWIRE) -- LeaseAccelerator, the leader in Equipment Lease Management software, announced the results of a market readiness survey for the new lease accounting standards. The first research study to be completed since the Financial Accounting Standards Board (FASB) announced ASU 2016-02 (ASC 842), surveyed financial professionals about their state of readiness for the new leasing standards.

The survey also asked respondents to assess the maturity of their processes and systems for managing leased equipment such as aircraft, trucks, forklifts, laptops and data center gear.

The study found that 85% of respondents were in the process of reading, studying, and implementing the new standards. Less than 10% of respondents believed they had the right systems in place to comply today. Of those surveyed, 42% were expecting the implementation of the new standards to be "pretty painful" or "extremely painful."

Additional findings of the study included:
* Equipment leasing lacks a consistent owner at many companies. 31% of those with large leasing programs had no designated owner.
* Most companies do not have an up-to-date inventory of their leases. 64% of companies with large leasing portfolios stated it could take months.
* Most companies do not have a system of record in place for equipment leases. Almost 65% were using spreadsheets or "a little of everything" to track these assets.

"Only a handful of companies have adopted best practices for the accounting and administration of their equipment leases," said Michael Keeler, CEO of LeaseAccelerator. "The majority are relying on spreadsheets with no clear organizational owner or KPIs. Companies should get started now implementing the necessary systems, processes and controls if they are going to meet the deadlines for the new lease accounting standards."

Developed over a period of ten years by the Financial Accounting Standards Board and International Accounting Standards Board, the new lease accounting standards change the way public companies will report leases in their quarterly and annual financial statements. Many real estate and equipment leases, previously only disclosed in the footnotes of investor filings will now be capitalized on corporate balance sheets.

The IASB estimates that over $2.2 Trillion of assets and liabilities will transfer onto corporate balance sheets in the coming years. The implementation deadlines for the new standards start in 2019. However, companies will also have to provide three years of comparative income statement, beginning on January 1st, 2017 for calendar year end filers.

You can read the full report here now:
http://www.leaseaccelerator.com/lease-accounting-readiness-study .

About the study:

On behalf of LeaseAccelerator, in March 2016, an independent, third-party research firm surveyed over 150 treasury, accounting, finance and tax professionals at Fortune 1000 companies about their readiness and expected challenges with implementing the new lease accounting standards.

About LeaseAccelerator:

LeaseAccelerator offers the market-leading SaaS solution for Equipment Lease Management (ELM), delivering hard cost savings, compliance, and best practices to large, international lessees. LeaseAccelerator is the only solution that covers the entire enterprise equipment leasing lifecycle, including: Equipment Lease Sourcing, saving 6-8% by driving down capital costs; Portfolio and Performance Management, saving 8-12% by improving end-of-term return performance; and Lease Accounting, enabling compliance with current and new FASB, IFRS, and SOX standards.

Learn more at http://www.leaseaccelerator.com/.

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Twitter: @LeaseAccelerate

To view the original version on Send2Press Newswire, visit: https://www.send2press.com/newswire/new-study-finds-most-companies-lack-systems-and-processes-to-comply-with-new-lease-accounting-standards-2016-0511-03.shtml.

NEWS SOURCE LeaseAccelerator :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by and Copr. © 2016 Send2Press® Newswire, a service of Neotrope®.

LeaseAccelerator Announces FASB ASC 842 and IFRS 16 Compliant Accounting Solution for Equipment Leases

GREAT FALLS, Va., April 18, 2016 (SEND2PRESS NEWSWIRE) -- LeaseAccelerator, the leader in Equipment Lease Management software, today announced a new release featuring updated functionality to support the new lease accounting standards introduced by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). With support for FASB ASC 842 and IFRS 16, LeaseAccelerator customers can now confidently comply with the financial reporting requirements of the U.S. Securities and Exchange Commission (SEC) and other international regulators in time for the 2019 implementation deadlines.

LeaseAccelerator's accounting capability is designed to handle the unique complexities of equipment leases across a wide variety of categories from material handling and manufacturing equipment to office and IT equipment. The new functionality enables companies to track equipment leases not only at the portfolio and schedule level, but at the asset-level as well. Over 100 data attributes can be tracked for each individual piece of equipment along with all the judgments, calculations, emails and supporting documentation. Activities that might impact the accounting are tracked for each leased asset including upgrades, swaps, partial buyouts, returns, and renewals.

With this comprehensive set of data, the LeaseAccelerator software-as-a-service application can produce all the debits and credits needed for the new lease accounting standards. In a few mouse clicks, users can generate income statements, balance sheet and cash flow statements under the new standards, current standards or both in parallel.

Features of the new release include:
• Lease classification testing to distinguish between finance leases and operating leases.
• Multiple ledgers to support the comparative, historical reporting requirements and local statutory GAAP requirements.
• Journal entries for major lifecycle events throughout the lease including commencement, mid-term, and end-of-term.
• Calculations of monthly expense recognition, payment, principal reduction, short and long term reclassifications.
• Interfaces of all journal entries (debits and credits) to SAP, Oracle and other General Ledger applications.
• Roll Forward, Trial Balance, Future Obligations by Period and Lease Classification Accounting Treatment reports, and As-at reporting.

"Most companies are focused on the 2019 implementation deadline date, but both FASB and IFRS require up to three years of comparative, historical reporting as well. That means many companies need to start capturing the detailed accounting data for their leases starting in 2017, the date of initial adoption," said Mark Koppersmith, director of product management for LeaseAccelerator. "With our SaaS application, customers can activate the new accounting capabilities in less than 24 hours and begin to start collecting all the information needed during the transition period -- from lease terms and payments to reasonably certain end-of-term options."

About LeaseAccelerator:

LeaseAccelerator offers the market-leading SaaS solution for Equipment Lease Management (ELM), delivering hard cost savings, compliance, and best practices to large, international lessees. LeaseAccelerator is the only solution that covers the entire enterprise equipment leasing lifecycle, including: Equipment Lease Sourcing, saving 6-8 percent by driving down capital costs; Portfolio and Performance Management, saving 8-12 percent by improving end-of-term return performance; and Lease Accounting, enabling compliance with current and new FASB, IFRS and SOX standards.

Learn more at http://www.leaseaccelerator.com/.

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Twitter: @LeaseAccelerate

To view the original version on Send2Press Newswire, visit: https://www.send2press.com/newswire/leaseaccelerator-announces-fasb-asc-842-and-ifrs-16-compliant-accounting-solution-for-equipment-leases-2016-0418-01.shtml.

New Study Identifies Companies Most Impacted by New FASB and IFRS Lease Accounting Rules

GREAT FALLS, Va., Jan. 26, 2016 (SEND2PRESS NEWSWIRE) -- LeaseAccelerator, the leader in Equipment Lease Management software, published today a report listing the off-balance sheet lease obligations of the 500 largest U.S. public companies. The report, entitled "Who is Most Impacted by the New Lease Accounting Standards?" aims to provide greater awareness of the potential impact of the new lease accounting standards.

Both the recently announced IFRS 16 and the forthcoming FASB ASC 842 will require companies to transfer their operating leases, previously only disclosed in the footnotes of their financial reports, onto their balance sheets starting in 2019. They will replace IAS 17 and ASC 840 (formerly FAS 13), respectively. According to the International Accounting Standards Board, listed companies around the world have around $3.3 Trillion of leasing commitments -- over 85 percent of which do not appear on their balance sheet.

The companies who will be most impacted by the new capital lease accounting standards will be those with the largest operating lease obligations. The off-balance sheet leases for a specific company can range from a few million dollars, on the low end, to tens of billions of dollars, on the high end.

As the new standards have been developed over the past ten years, there has been much debate and analysis of how the changes will impact companies' decisions to lease versus buy and how credit ratings might change. However, there has been very little research into the additional administrative burden that will be placed on companies to re-design their lease accounting processes to comply. Specifically, to avoid a significant deficiency or material weakness, at-rlsk companies will have to adopt new management strategies, policies, and software to address the big data problem of equipment lease management: maintaining complete, accurate, and up-to-date data for leases, assets, and stakeholders distributed around the world.

"With comparative reporting requirements for the new lease accounting standards starting as early as 2017 for most firms, we believe that many Fortune 500 companies are woefully unprepared for the new lease accounting standards, especially their equipment lease portfolio," said Michael Keeler, CEO of LeaseAccelerator. "We hope the publication of this report will provide CFOs with a perspective on the relative size and significance of their operating lease obligations compared to their industry peers and prompt a proactive investigation of solutions given the 2017 income statement comparables deadline."

You can read the full report here now:
http://www.leaseaccelerator.com/off-balance-sheet-lease-study .

Company	F500 Lessee Ranking	Total Operating Lease Obligations ($Millions)
Walgreens	1	$33,721
AT&T (1)	2	$31,047
CVS Health (2)	3	$27,282
Wal-Mart Stores	4	$17,910
FedEx Corporation	5	$16,385
Bank of America Corp.	6	$14,406
Verizon Communications Inc.	7	$14,403
McDonald's	8	$13,160
United Continental Holdings	9	$13,000
Delta Air Lines	10	$12,741
J.P. Morgan Chase & Co.	11	$12,441
American Airlines Group	12	$11,073
Citigroup	13	$10,015
Whole Foods Market	14	$8,902
Rite Aid	15	$7,797
Home Depot	16	$7,705
TJX	17	$7,609
Aeropostale	18	$7,446
Wells Fargo	19	$7,055
Dollar General	20	$6,627

About the Report:

LeaseAccelerator has compiled a list of the 500 largest U.S. public companies ranked by the size of their off balance sheet leasing obligations. To identify the 500 companies, we used Fortune Magazine's most recent "Fortune 500" study. For the operating lease obligations, we collected data from the most recent SEC 10-K annual filings for each of these public companies. No calculations or manipulation of the leasing obligation data has been performed. We have simply organized the data reported by the companies into a list. Hyperlinks to the SEC filings or other financial reports used to source the data have been included for reference.

About LeaseAccelerator:

LeaseAccelerator offers the market-leading SaaS solution for Equipment Lease Management (ELM), delivering hard cost savings, compliance, and best practices to large, international lessees. LeaseAccelerator is the only solution that covers the entire enterprise equipment leasing lifecycle, including: Equipment Lease Sourcing, saving 6-8% by driving down capital costs; Portfolio and Performance Management, saving 8-12% by improving end-of-term return performance; and Lease Accounting, enabling compliance with current and new FASB, IFRS, and SOX standards. Learn more at http://www.leaseaccelerator.com/.

Through LeaseAccelerator's Equipment Lease Sourcing marketplace, customers can access The Global Lessor Network (GLN), a community of more than 500 lessors around the world who compete to win our customers' business. Using the GLN, global companies with a need for in-country leasing expertise and financing can identify and transact with local lessors. LeaseAccelerator supports transactions in 50 countries, spanning a wide variety of asset types and deal sizes. Lessors are encouraged to register at http://www.lessornetwork.com/.

Media Contact:
Max Leitenberger
Buttonwood Communications Group
(914)-864-1614
maxl@buttonwoodpr.com

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Twitter: @LeaseAccelerate

To view the original version on Send2Press Newswire, visit: https://www.send2press.com/newswire/new-study-identifies-companies-most-impacted-by-new-fasb-and-ifrs-lease-accounting-rules-2016-0126-04.shtml.

LeaseAccelerator to Host Webinar on Spend Management for Equipment Leases

GREAT FALLS, Va., Jan. 19, 2016 (SEND2PRESS NEWSWIRE) -- LeaseAccelerator, the leader in Equipment Lease Management Software, announced today that it will host a webinar on Spend Management for Equipment Leases. Drawing upon case studies from Fortune 500 companies, LeaseAccelerator will outline how savings of 6-8 percent can be achieved on leases in categories ranging from transportation and material handling to IT and office equipment.

The webinar is designed for procurement leaders developing their 2016 spend reduction plans and those seeking to re-engineer their equipment lease procurement process in advance of the new lease accounting standards (FASB ASC 842 and IFRS 16).

What: Spend Management for Equipment Leases - Five Best Practices.

Key Topics will include:
- Managing Equipment Leasing as a Spend Category.
- Unbundling Finance from Equipment Negotiations.
- Minimizing Evergreen and End-of-Term Fees.
- Quantifying and Tracking the Savings.
- Evaluating the Business Case.

How: Educational webinar with audience Q&A.

Who: Bob Solomon, CEO of Software Platform Consulting and Michael Keeler, CEO of LeaseAccelerator.

When: Thursday, January 21, 2016 at 1 p.m. Eastern (10 a.m. Pacific).

Where: Sign up for the webinar here: http://elm.leaseaccelerator.com/procurementwebinar.html.

About LeaseAccelerator:

LeaseAccelerator offers the market-leading SaaS solution for Equipment Lease Management (ELM), delivering hard cost savings, compliance, and best practices to large, international lessees. LeaseAccelerator is the only solution that covers the entire enterprise equipment leasing lifecycle, including: Equipment Lease Sourcing, saving 6-8 percent by driving down capital costs; Portfolio and Performance Management, saving 8-12 percent by improving end-of-term return performance; and Lease Accounting, enabling compliance with current and new FASB, IFRS, and SOX standards. Learn more at http://www.leaseaccelerator.com/.

Through LeaseAccelerator's Equipment Lease Sourcing marketplace, customers can access The Global Lessor Network (GLN), a community of more than 500 lessors around the world who compete to win our customers' business. Using the GLN, global companies with a need for in-country leasing expertise and financing can identify and transact with local lessors. LeaseAccelerator supports transactions in 50 countries, spanning a wide variety of asset types and deal sizes. Lessors are encouraged to register at http://www.lessornetwork.com/.

Media Contact: Max Leitenberger, Buttonwood Communications Group, 914-434-5725, Maxl[at]buttonwood.com.

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Twitter: @LeaseAccelerate

To view the original version on Send2Press Newswire, visit: https://www.send2press.com/newswire/leaseaccelerator-to-host-webinar-on-spend-management-for-equipment-leases-2016-0119-02.shtml.

LeaseAccelerator to Host Educational Webinar on New Lease Accounting Standards

GREAT FALLS, Va., Nov. 5, 2015 (SEND2PRESS NEWSWIRE) -- LeaseAccelerator, the leader in Equipment Lease Management Software, announced today that it will be hosting a webinar on the forthcoming Lease Accounting Standard changes. The company's experts have been closely monitoring the latest proposals and comments on both FASB 842 and IFRS 16.

Designed for Fortune 500 companies that lease more than $100M in equipment, the webinar will educate attendees on the new standards as well as offer consultation on how to start preparing for the changes.

What: Preview of the New Lease Accounting Standards - FASB 842 and IFRS 16.

Key Topics will include:
* When will the new rules for equipment leasing go into effect?
* How will the FASB rules compare to IFRS?
* Will you have to keep two sets of books during the transition period?
* How will this affect key financial ratios such as profitability, EBITDA and Return on Assets?

How: Educational webinar with audience Q&A.

Who: Michael Keeler, CEO of LeaseAccelerator.
Bruce Conway, Vice President of Operations at LeaseAccelerator.

When: Thursday, November 12 at 1 p.m. Eastern (10 a.m. Pacific).

Where: Sign up for the webinar here: http://elm.leaseaccelerator.com/LeaseAccountingChangesWebinar.html .

During the webinar, lease accounting experts will outline a nine-step process for transitioning to the new standards. Additionally, the presenters will share lessons learned from early adopters who have already re-engineered their leasing programs.

About LeaseAccelerator:
LeaseAccelerator offers market-leading SaaS solution for Equipment Lease Management (ELM); delivering hard cost savings, compliance, and best practices to large, international lessees. LeaseAccelerator is the only solution that covers the entire leasing lifecycle, including: Capital Sourcing, saving 6-8 percent by driving down capital costs; Portfolio Management, saving 8-12 percent by improving end-of-term return performance; and Lease Accounting, enabling compliance with current and new FASB, IFRS, and SOX. Learn more at http://www.leaseaccelerator.com/.

Through LeaseAccelerator's Capital Sourcing marketplace, customers can access The Global Lessor Network (GLN), a community of more than 500 lessors around the world who compete to win our clients business. Using the GLN, global companies with a need for in-country leasing expertise and financing can identify and transact with local lessors. LeaseAccelerator supports transactions in 50 countries, spanning a wide variety of asset types: corporate aircraft, computers, construction, forklifts, furniture, IT, manufacturing, mining, networking, and transportation equipment. Lessors are encouraged to register at http://www.lessornetwork.com/.

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Twitter: @LeaseAccelerate

To view the original version on Send2Press Newswire, visit: https://www.send2press.com/newswire/leaseaccelerator-to-host-educational-webinar-on-new-lease-accounting-standards-2015-1105-02.shtml.

NEWS SOURCE LeaseAccelerator :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by and Copr. © 2015 Send2Press® Newswire, a service of Neotrope®.

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