Accruent’s Lease Accounting Solution Achieves Another First; Earns Expanded FASB/IASB Verification

Independent Third-Party Firm Performs Procedures on Software for Compliance with New Lease Accounting Standards

AUSTIN, Texas--()--Accruent, the world’s leading provider of physical resource management solutions, has expanded the verification process of its lease accounting and administration solution with respect to the new FASB and IASB lease accounting standards with software testing conducted under several standards and procedures.

“It’s important for methodological calculations in software to be verified on a continuous basis.”

“Accruent is committed to maintaining the veracity and verification of the numbers in its lease accounting and administration solution,” said Ryan Siebel, Partner, Skoda Minotti. “It’s important for methodological calculations in software to be verified on a continuous basis.”

Skoda Minotti, an independent accounting firm, performed an expanded Agreed-Upon Procedures (AUP) engagement to further evaluate Accruent’s lease accounting and administration solution, the engagement included both the real estate and equipment leasing solutions. Skoda Minotti also performed SOC 1 and SOC 2 tests on the Accruent system under the SSAE-18 standards.

The procedures tested under the AUP engagement covered the design, inputs, calculations and reporting structures that Accruent has developed in its lease accounting and administration solution for ASC 842 and IFRS 16 compliance. The result is the recently completed 2018 AUP Report.

In the nine months since Accruent’s acquisition of Lucernex in August 2017, there has been an increased demand for our solution with the addition of 48 new customers looking to ensure FASB/IASB compliance. Accruent’s solution enables customers such as Brooks Brothers, Brunswick Corporation, Ferguson Enterprises, and Jamba Juice to adopt the new FASB/IASB lease accounting standards.

Recently, Accounting Today (1) noted that the Securities and Exchange Commission (SEC) is “keeping a close watch on how companies are dealing with the new accounting standards like revenue recognition and leasing.” The SEC’s Chief Accountant, Wesley Bricker, is confident these accounting changes will make financial reporting stronger.

“Unlike many competitors who simply perform an annual or one-time validation of their system, Accruent conducts SOC 1 and SOC 2 Reports every six months which is beyond the industry best practice,” said Greg Rivera, SVP, Retail, Accruent. “Furthermore, by providing a similar update to our AUP to validate calculations, Accruent’s customers get additional confirmation of our development inputs, processes and reports.”

By this time, public companies should have selected their solution and implementation partner and should be deep into the implementation process. If a public company has not reached this point, it is important to select an experienced and proven FASB/IASB solution and expert partner to ensure implementation and compliance by January 1, 2019.

1Cohn, Michael. “SEC chief accountant warns against mischief in non-GAAP reporting.” Accounting Today 3 May 2018

About Accruent

accruent.com, @accruentllc

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. More than 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.

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Accruent
Wayne Henninger, 1-570-573-6556
wayne@waynehenninger.com

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Release Summary

Accruent’s lease accounting solution earns expanded FASB/IASB verification for compliance with new accounting standards