Compliance Concerns for Banking and Financial Companies

With leases ranging from ATMs to security equipment, companies in this sector need to carefully examine each lease.

Get step-by-step guidance on what you need to do.

Compliance Concerns for Banking and Financial Companies

With leases ranging from ATMs to security equipment, companies in this sector need to carefully examine each lease.

Get step-by-step guidance on what you need to do.

We Ensure You Comply Fully with FASB ASC 842 & IFRS 16

The New Lease Accounting Standards: What You Should Know

FASB ASC 842 and IFRS 16 require that the leases that used to be in the footnotes of your financial statements go on your balance sheet as liabilities. In short, you’re now required to show the full extent of your lease obligations on your books.

FASB ASC 842 and IFRS 16 require that the leases that used to be in the footnotes of your financial statements go on your balance sheet as liabilities. In short, you’re now required to show the full extent of your lease obligations on your books.

Leases that were accounted for as operating leases may need to be capitalized and amortized under the new standards. You’ll also need to examine your maintenance, outsourcing, and service contracts for embedded leases.

 

Choosing the right solutions – in terms of expertise and software – is critical to preventing errors.

Choosing the right solutions – in terms of expertise and software – is critical to preventing errors.

Ask the Right Questions

FASB ASC 842 and IFRS 16 obligate you to scrutinize all your leases to ensure you address them properly. That process starts with asking the right questions.

Do you lease the space your ATMs occupy ? Do you have easements to access the ATMs after business hours?

 

Do you outsource data center operations? Have you examined that contract to determine if it contains an embedded lease?

Do you lease a building with satellites on the roof? Is that portion of the lease is a separate lease component?

 

LeaseQuery helps you answer these questions.

Rely on LeaseQuery’s Functionality, Flexibility, and Expertise to Comply

A manageable lease accounting solution

Account for and manage all of your leases with LeaseQuery – regardless of how complex their nuances are.

 

  • At a glance: Journal entries, tasks, critical dates, and reports are at your fingertips.
  • Reports and disclosures: Everything required by regulators and auditors comes “out of the box.”
  • Expertise: Our expert lease accountants will be with you every step of the way.
  • Data security: We maintain industry standard encryption protocols and our SOC testing is being performed by a Big Four firm.
  • Integrations: Integrate our software with your ERP or general ledger software.

LeaseQuery Ensures You Comply—
in January 2019 and Beyond

LeaseQuery offers you the functionality, flexibility, and expertise that enables you to adequately account for all your leases under FASB 842. From the moment you start implementation, you’ll be supported by accountants who specialize in lease accounting.

Our Clients Explain Our Lease Accounting Solutions Best

"It took a time-sucking, life-sucking process and turned it into the click of a button"

Trista — Controller at National Healthcare Organization

"LeaseQuery is years ahead of our external auditors in terms of lease knowledge and financial reporting, saving our company time, money, and resources."

Sarah M. - Tupelo Honey Hospitality Corporation

"We are able to instantly pull up all of the details on any given lease with only a couple of clicks. "

Missy W. - Scotland Wright Associates

 

"The time and productivity savings cannot even be put into words for a team with such stretched bandwidth like ours."

Trista L. – PT Solutions

 

"This is a breath of fresh air for an occupation that’s usually treated with bored stares, long sighs and slow blinks...I was actually liking lease accounting for the first time in eight years."

Anna K. – Publicly Traded Insurance Company

 

Talk to One of Our Expert Lease Accountants Today.

Unlike other software vendors, we aren't former real estate professionals trying to learn accounting on your dime. We're accountants just like you.

Sign up for a demo today and let us prove it.

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