openPR Logo
Press release

LeaseQuery Offers Lease Accounting Software to Facilitate Transition to New Lease Accounting Rules

08-28-2017 01:27 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: LeaseQuery, LLC

LeaseQuery Offers Lease Accounting Software to Facilitate

Implementation delay requested by the American Petroleum Institute not essential, but some clarification of the new accounting changes is needed.

Atlanta, GA (USA), August 25th, 2017 -- The American Petroleum Institute (API) recently issued a letter to the Financial Accounting Standards Board (FASB) to request a delay in the implementation date of a new lease accounting standard. However, LeaseQuery LLC offers lease accounting software that complies with all of the new disclosure requirements under the FASB standard. LeaseQuery’s software will expedite the tasks required toward successful compliance under the new FASB standard.

In the letter, dated July 11, 2017, the API asked the FASB to grant companies two additional years to implement the changes associated with the Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). API stated, “Quite simply, some 18 months before the effective date of one of the most extensive accounting changes in the last two decades, the software and related support required for effective implementation does not yet exist.” Therefore, the API asked that public companies be given until 2021, instead of 2019, to comply with the new standard.

“Our goal is to assist the API and other public businesses in successful, timely compliance of the new lease accounting standard,” said Chris Ramsey, Director of Customer Solutions. “Our software is built specifically for lease accounting. The accuracy of our software has been verified and determined to comply with the new standard by independent auditors.”

The API also said in its letter that the ASU necessitates more complex and time-consuming analysis and further explanation is needed. “Our company agrees with the API's position that some clarification is indeed necessary, especially as it relates to easements,” Ramsey said.

Incidentally, the FASB’s new lease accounting changes would supersede or phase out FASB Accounting Standards Codification, Leases (Topic 840). ASC 840 standard stipulates that companies only have to record lease obligations on their balance sheets when the arrangements involve financing transactions, such as rent-to-own contracts for buildings or vehicles.

LeaseQuery’s software offers a specialized solution to assist users with compliance of the new lease accounting standard. It provides an “easy button” for lease accounting. Built by accountants for accountants—the software enables businesses to successfully manage real estate and equipment and effortlessly transition to the new lease accounting standard. Thanks to LeaseQuery, companies can stop using unreliable excel spreadsheets and start using a purpose-built tool that can help them avoid overpaying rent.

LeaseQuery is one of only a few companies that offer this specialized type of lease accounting software. Unlike other providers that focus on lease management or lease administration, LeaseQuery specifically concentrates on the lessee and the management of lease accounting liabilities.

For more information about LeaseQuery’s specialized software, visit http://www.leasequery.com. Or contact Chris Ramsey at 800-888-7270 to schedule a free demo.

About LeaseQuery LLC:
Founded in 2011, LeaseQuery LLC was established to fill a void in the marketplace. The software was created by accountants for accountants because a suitable solution for lease accounting did not exist. The founders of LeaseQuery benefited from accounting expertise that gave them foresight into future compliance changes. Since its inception, LeaseQuery has grown into a flourishing SaaS company with the professional expertise to address the accounting needs of clients of all sizes. LeaseQuery LLC, which is based in Atlanta, Ga., provides its accounting software to organizations nationwide.

Press & Media Contact:
Chris Ramsey, Director of Customer Solutions
LeaseQuery, LLC
1050 Crowne Pointe Parkway Suite 500,
Atlanta, GA 30338 - USA
+1 800-888-7270
info@leasequery.com
http://www.leasequery.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release LeaseQuery Offers Lease Accounting Software to Facilitate Transition to New Lease Accounting Rules here

News-ID: 685553 • Views: 336

More Releases for LeaseQuery

Lease Accounting Software Market 2020 and Top Key Players: - CoStar, Nakisa, MRI …
This report studies the global Lease Accounting Software market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the global Lease Accounting Software market by companies, region, type and end-use industry. Get Sample Copy of This Report @ https://www.orianresearch.com/request-sample/1595841 In this report, the global Lease Accounting Software market is valued at USD XX million in 2020 and is projected to reach USD XX million by the
Lease Administration Software Market - Major Technology Giants in Buzz Again | A …
The latest 126+ page survey report on Global Lease Administration Software Market is released by HTF MI covering various players of the industry selected from global geographies like North America, Europe, China, Japan, Southeast Asia, India & Central & South America. A perfect mix of quantitative & qualitative Market information highlighting developments, industry challenges that competitors are facing along with gaps and opportunity available and would trend in Lease Administration
Global Lease Management Software Market 2019 Including Share, top Key Players Pr …
Access this report now: https://www.reportsnreports.com/contacts/requestsample.aspx?name=2123096 The global Lease Management Software Market 2019 research is a professional and in-depth study on the current state of the industry and provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. Complete report on Lease Management Software Market spread across 93 pages, profiling 08 companies and supported with tables and figures, Inquiry before buying@ https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=2123096 The various contributors involved in
Global Lease Accounting Software Market In-Depth Analysis By Trends, Opportuniti …
This report on Lease Accounting Software Market offers a detailed analysis of the trends along with the prospective growth of the same in the forecasted period. It evaluates the pricing, demand, growth, revenue, size and gross margin of the industry. For this study, the historical data has been collected from the years 2016 and 2017, taking the year 2018 as the base year and drawing a forecast for the years
Global Lease Accounting Software Market Growth (Status and Outlook) 2019-2024
Market Research Report Store offers a latest published report on Lease Accounting Software Market Analysis and Forecast 2019-2025 delivering key insights and providing a competitive advantage to clients through a detailed report. The report contains 158 pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability. Click to view the full report TOC, figure and tables: https://www.marketresearchreportstore.com/reports/440526/global-lease-accounting-software-market-status   Lease Accounting Software is a type
Global Lease Accounting Software Market 2019 by Top Key Manufacturers: Accruent, …
MarketResearchNest.com adds “Global Lease Accounting Software Market Growth (Status and Outlook) 2019-2024”new report to its research database. The report spread across 117 pages with multiple tables and figures in it. According to this study, over the next five years the Lease Accounting Software market will register a xx% CAGR in terms of revenue, the global market size will reach US$ xx million by 2024, from US$ xx million in 2019. In