Ferguson Enterprises to Ensure FASB/IASB Compliance with Accruent Software

Largest Wholesale Plumbing Supplier in North America to Gain Transparency into Lease Portfolio

AUSTIN, Texas--()--Accruent, the world’s leading provider of software and services that enable organizations to manage the lifecycle of their physical resources, announced today that Ferguson Enterprises (“Ferguson”) has selected Accruent’s Lucernex lease administration and accounting software to ensure FASB/IASB compliance.

“With Accruent, Ferguson can use a single provider and build on one platform to support compliance, mitigate risk, and gain transparency into their entire lease portfolio”

With more than 1,400 locations and serving customers in all 50 states, the Caribbean, Puerto Rico, and Mexico, Ferguson needed a solution to report on equipment and real estate leases. Accruent’s lease accounting software is a configurable, scalable solution that can manage costs, deliver robust reporting, and increase transparency.

“We are very confident in the FASB/IASB capabilities of Accruent’s solution,” Carl Breiner, Vice President, Real Estate and Facilities Development, Ferguson Enterprises. “Within one platform, we also have the ability to grow and add solutions.”

In addition to optimizing leases and controlling costs, Accruent’s solution enables its customers to adopt the new FASB/IFRS lease accounting standards. The solution helps process core financial data for the generation, management and reporting under the new leasing standards.

“With Accruent, Ferguson can use a single provider and build on one platform to support compliance, mitigate risk, and gain transparency into their entire lease portfolio,” said John Borgerding, CEO, Accruent. “We are helping our customers transition smoothly to the new lease accounting standards with our FASB/IASB-ready solution.”

About Accruent

Accruent is a global software company that helps organizations achieve superior performance by transforming how they manage their physical resources. Its innovative, industry-leading cloud-based software and services enable organizations to optimize all stages of real estate, facilities and asset management from capital planning through to IoT-based monitoring and control. With a proven track record across two decades, Accruent has created the only integrated SaaS-based framework and reporting platform for full lifecycle physical resource management. Over 7,000 global customers depend on Accruent solutions to drive out hidden costs, extend asset lifecycles, protect their brands, ensure compliance and deliver on the missions of their organization. Headquartered in Austin, Texas, Accruent serves a wide range of industries in 149 countries around the world. www.accruent.com, @accruentllc

About Ferguson

Ferguson (www.ferguson.com) is the largest wholesale distributor of residential and commercial plumbing supplies and pipe, valves and fittings in the U.S. The company is also a major distributor of HVAC equipment, fire protection systems, waterworks and industrial products and services. Founded in 1953 and headquartered in Newport News, Va., Ferguson has sales of $15 billion and approximately 24,000 associates in 1,400 locations. Ferguson and its subsidiaries serve customers in all 50 states, Puerto Rico, Mexico and the Caribbean. Ferguson is part of Ferguson plc (www.fergusonplc.com), which is listed on the London Stock Exchange (LSE: FERG) and on the FTSE 100 index of listed companies.

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Dolores Fallon, 781-424-2184

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Release Summary

Ferguson To Report On Equipment And Real Estate Leases With Accruent's Software

Accruent