Q. What are lease accounting software systems?
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  • lewis-h

    Lease Accounting Software is a new category of financial applications developed specifically to automate the record-to-report processes for the new ASC 842, GASB 87, SFFAS 54, and IFRS 16 standards.
    Fortunately, under ASC 842 there is a clear, short answer: no. The right to use intangible assets is outside of the scope of ASC 842 (see ASC 842-10-15-1). … A lessee is permitted, but not required to apply IFRS 16 to leases related to intangible assets, including software.


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