WOODBRIDGE, NJ, September 15, 2015 - The Financial Accounting Standards Board (FASB) and its international counterpart the International Accounting Standards Board (IASB) are expected to release their final respective versions of the Lease Accounting Standards by the end of 2015, with implementation required by 2017-2018. The IASB is expected to release soon, and the US Board is expected to follow suit by the end of this year.
Visual Lease, the leading provider of cloud-based Lease Administration software for Fortune-1000 companies with multiple locations, announced today that Michael Bell has joined the team as a Senior Advisor.
Visual Lease is announcing a fundamentally new approach for processing real estate Operating Expense, Tax and Common Area Maintenance (CAM) Invoices and Reconciliations. With its new Desktop Audit Manager module, corporations can automatically identify erroneous billings and avoid overcharges.
Over the past few years, there has been much discussion about how real estate and other leases will be reported in a company's annual financial statements under generally accepted accounting principles (GAAP). The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), the accounting industry’s two primary governing boards, have been determining a way to best treat leases so that investors and other who use financial statements can get an accurate picture of an entities financial health. With this emphasis on improved lease accounting and reporting companies will need help to manage these intricacies.