LeaseAccelerator announced its latest release includes full support for the GASB 87 lease accounting standard. Over the next 12 months, state and local government agencies as well as many state-funded port authorities, educational institutions, hospitals and health systems will be adopting these new standards.

LeaseAccelerator’s GASB 87 lease accounting functionality enables organizations to comply with the new standards quickly and easily. Designed to automate the record-to-report process, LeaseAccelerator performs the accounting calculations, financial reporting and month-end close activities required for compliance, enabling users to focus on managing policies, analyses and exceptions.

Key features of the GASB 87 functionality include:

• Multi-GAAP Lease Accounting Engine – Performs journal entries calculation for lessee and lessor accounting under both GASB 87 and ASC 842.
• Month-End Close Automation – Includes trial-balance and roll forward reporting, general ledger export and disclosure generation.
• Integrated Lease Administration – Includes features to automatically track new leases, contract changes and expiring leases to ensure completeness and accuracy of the lease portfolio.

“The new GASB 87 standard is one of the biggest accounting changes in decades and will be a significant work effort for many government entities. Organizations will need to migrate hundreds, if not thousands, of leases onto their balance sheet and implement new systems, processes and controls,” said Michael Keeler, CEO at LeaseAccelerator.

“Having helped thousands of users in small and large organizations adopt the new lease accounting standards over the past four years, we have developed a unique set of tools and best practices that enable us to offer the fastest, simplest and easiest approach to GASB 87 compliance,” noted Keeler. “With portfolios ranging from 10 leases to more than 125,000 leases, our customers rely on LeaseAccelerator to take cost, complexity, risk and time out of their monthly close process.”