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ASC 842 Software and Lease Accounting Compliance
Black Owl's lease entry is designed to be user-friendly, with a simple interface and intuitive navigation, making it easy to input and manage lease data in minutes.
Lease Modifications and Reassessments
Effortlessly make lease modifications and reassessments into a streamlined process, enhancing efficiency, reducing errors, and improving overall lease management.
Manage lease changes with ease for both current and retroactive periods maintaining strong audit trails.
Black Owl's system provides complete disclosure reports that meet accounting standards and comply with lease disclosure requirements.
Customizable Lease Hub
Create and save ad-hoc reports based on unique fields. Create reports of upcoming and past critical dates. Easy to copy and paste into Excel.
Foreign Exchange (FX)
Daily foreign exchange rates are automatically imported from any selected financial institution, facilitating automatic currency conversions for functional and reporting purposes.
This functionality further includes the calculation of month-end journal entries and the Cumulative Translation Adjustments (CTA).
More Black Owl Features
Unveiling the Power of ASC 842 Software
Facing the complexities of the new lease accounting standards can be daunting for both private and public companies. Many businesses are now turning to top-notch lease accounting software to better understand and adhere to the guidelines set forth by the Financial Accounting Standards Board (FASB).
This is where Black Owl Systems comes in, providing an innovative ASC 842 software solution to alleviate your lease accounting challenges.
We recognize the challenges businesses face in adhering to the new lease accounting standard, ASC 842, especially for global companies. However, compliance doesn’t have to be overwhelming with our lease accounting software. Whether you are a small company with a limited number of leases or a large organization with a vast lease portfolio, our software provides a seamless and user-friendly interface to ensure your lease accounting remains well-managed.
Excellence in Lease Accounting
Reach out to us for a personalized approach to simplifying your lease accounting journey.
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Frequently Ask Questions
Our advanced Lease Accounting Software is designed to transform the way you manage and streamline your lease accounting practices. Our software solution is tailored to assist you in maintaining compliance with new lease accounting standards while making the process simpler, faster, and more efficient.
ASC 842, the new lease accounting standard, responds to the request for more transparency in companies’ lease accounting and financial reporting.
Before the advent of ASC 842, most leases, mainly operating leases, didn’t make their way onto the balance sheet. This obscurity left stakeholders with a blurred picture of a company’s financial health.
The primary difference between ASC 842 and its predecessor, ASC 840, is the recognition of lease assets and lease liabilities by lessees for most leases. ASC 840 allowed many leases, especially operating leases, to be only disclosed in the notes to the financial statements, whereas ASC 842 requires them to be recognized on the balance sheet.
ASC 842 affects any entity that enters into a lease, with very limited exceptions. This includes both lessees (the entities that rent an asset) and lessors (the entities that lease out an asset).
ASC 842 impacts the presentation of financial statements significantly. It requires lessees to recognize assets and liabilities arising from most leases on their balance sheets. This results in a more accurate representation of an organization’s financial position, by reflecting the organization’s rights to use an asset and the associated obligations.
ASC 842 became effective for fiscal years beginning after December 15, 2018, for public business entities. For private companies and private not-for-profit entities, the standard became effective for fiscal years beginning after December 15, 2021.
Implementing ASC 842 may require significant effort and resources. Challenges may include identifying all lease contracts, interpreting the standard and its implications for each lease, changes in processes and controls, updating or acquiring new IT systems, and training staff.
Luckily, we have developed Black Owl to ensure you can meet compliance with ease.