PowerPlan, a leading provider of strategic corporate performance management for asset-intensive companies, announces its lease accounting solution celebrates 16 years in the market, emphasizing the company's commitment to providing solutions that solve complex compliance issues. Companies leveraging PowerPlan's Lease Accounting module benefit from an integrated solution that is fully compliant with the new FASB and IASB lease accounting standards.
Predictions are trillions of dollars of lease obligations are set to hit corporate balance sheets in 2019. Preparing early is key to meeting these new standards for companies of all sizes and in all industries.
"Companies, especially the accounting departments, must prepare for the for the new lease standards. While the standards technically don't go into effect until 2019, the standards call for a two-year look back period in the U.S. and a one-year look back period in the U.K.," said Elizabeth Cowart, vice-president of customer operations and product management, PowerPlan. "While companies who have already implemented the PowerPlan solution are now compliant with the new standards, many have found two to five times more leases than expected, which ultimately has an impact on balance sheets and taxes."
PowerPlan's solution was built specifically to meet the lease standard requirements, enables the management of all lease types including equipment, real estate, embedded and purchase power agreements and is compatible with multiple accounting treatments, including: GAAP, IFRS and FERC.
Companies can download several key documents to help them prepare for the new standards in the Lease Resource Center: http://bit.ly/2vjAzRs.