Bloomberg Tax Leased Assets™
Comply with ASC 842
Bloomberg Tax Leased Assets™ is a cloud-based lease accounting software solution that helps companies track and manage all lease asset types, including operating and finance leases, provide complex calculations for right-of-use (ROU) assets and lease liabilities, classify their leases, and generate advanced reports for financial statement presentation and more.Watch Demo
Track leases and entities
Centralizing lease data is one of the most critical and time-consuming compliance activities. With Bloomberg Tax Leased Assets, you can support ASC 842 compliance by storing existing and new leases, whether low value, short term, or long term, and easily centralize and import FASB lease accounting data, and more.
- Track lease contracts: Upload and store all types of lease contracts with full versioning, permissions, and audit trail history.
- Centralize asset data: Easily move and centralize your lease data from spreadsheets, paper documents, or an existing system, with our document management feature.
- Manage entities: Track leased assets by entity and manage all reporting periods including 52/53 week options. You even have the ability to consolidate entities into groups for more simplified management.
ASC 842 Compliance − Risks and Requirements
In this three-part blog series, Bloomberg Tax will examine the new ASC 842 requirements, explore what organizations are doing to become compliant with the new rule, and provide some best practices for achieving compliance. Part one examines the risks and requirements associated with your compliance efforts.Read more
“My message is for management teams to not under-invest in the technology that is needed… The better the accounting systems are in creating books and records and effective internal accounting controls, the better the integration of those financial information systems with the audit evidence-gathering process”
Eliminate risks and save time by automating your lease accounting processes with Bloomberg Tax Leased Assets. Our Web-based platform performs all the required calculations needed to comply with ASC 842. From straight-line expense to interest and amortization entries and more, users can confidently calculate journal entries under the new FASB standard.
- Automate lease classifications: Automatically classify leases as operating or finance, saving time and ensuring accuracy.
- Calculate with ease: Auto-calculate right-of-use (ROU) asset, amoritization, lease liability, interest expense, and more.
- Generate journal entries: Easily generate journal entries under the new ASC 842 standard. Record assets and liabilities for every lease asset, and determine the correct lease accounting treatment.
Executives Uneasy Over Lease Accounting IT Systems
U.S. companies — facing challenges on how they will account for some of their leasing contracts under new rules — are starting to worry about whether the computerized systems they’re putting in place will be ready for the complex tasks required.read more
Making smart choices for complying with the new FASB lease accounting standard (ASC 842) offers the opportunity to add value to your company by streamlining processes, empowering better decision-making, and realizing cost savings.
Gain control of your data
Take greater control of your data and processes with advanced functionality. Bloomberg Tax Leased Assets gives you full visibility and control of your asset data. You’ll be able to synchronize data between our application and other financial systems and leverage advanced reporting to make better business decisions.
- Produce advanced reporting: Generate payment and amortization schedules, journal entries, ASC 842 disclosures, and more.
- Store audit trail: Gain full visibility of asset history using Bloomberg Tax’s Open Timeline™. It keeps a thorough and secure historical record of all the changes made to an asset.
- Transfer data: Seamlessly import and export data from any source system including Bloomberg Tax’s technology applications, general ledger, or ERP systems.
- Track purchased assets with Bloomberg Tax Fixed Assets™. Once a lease asset is purchased, it becomes a fixed asset. Lessees now have the ability to track and calculate depreciation and amortization of their fixed assets in one central location.
New Leasing Standard “Devil’s in the Detail”
In February 2016, the Financial Accounting Standards Board issued ASU 2016-02 Leases (ASC 842). ASC 842 brings most leases onto the balance sheet creating a right-to-use asset and a lease liability. The new standard will also require additional disclosures.read more
Streamline every aspect of leased assets management with our suite of included, value-add applications.
- Excel Add-in: The Advantage Excel Add-In is a powerful tool that allows you to connect live data from Advantage products, like Bloomberg Tax Leased Assets, directly to Microsoft Excel. Use the Advantage Excel Add-In to upload data in bulk, including entities, leased assets, and payment schedules. Perfect for mass imports/exports/updates, custom reporting, Excel-based data analysis, and more! Supports both contiguous and non-contiguous data mapping.
- Workspace/Document Management: Quickly access data and documents, collaborate across projects, clients, entities, and applications, all while streamlining workflows for timely project completion. Take advantage of audit trails, versioning, and increased controls.
- Entity Manager: Centralized entity management allows you to track leased assets by entity, set reporting periods (including 52/53 week calendar), and manage consolidated entity groups. Permissions can also be set to restrict access, editing and reporting of an leased assets by entity.
- Advantage Automator: Streamline integration between internal systems such as ERPs and Bloomberg Tax’s Advantage applications. By leveraging flexible, built-in APIs and a business rules engine you can automate repetitive tasks, transform data, and facilitate workflows. Advantage Automator is an optional module.
Unlock the Power of Advantage™
The Advantage platform from Bloomberg Tax gives you access to workflow applications designed to improve your daily productivity and ensure your calculations are up-to-date with the latest tax law changes.watch webinar
Streamline resource requirements, meet mandatory deadlines, and improve business results with cost-effective and customized Professional Services from Bloomberg Tax.
- ASC 842 Implementation
- Lease Data Conversion
Be successful and get the most out of this powerful solution with free, unlimited technical support. Staffed with knowledgeable, on-site Bloomberg Tax Technology employees (many of whom are attorneys and CPAs), our world-class customer support provides both program expertise and an understanding of the real-world tax and accounting issues you’re facing.
See how Bloomberg Tax Leased Assets helps companies track and manage all lease asset types, provides complex calculations for right-of-use (ROU) assets and lease liabilities, and delivers advanced reporting capabilities.
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Questions? Contact us at 800.424.2938
Request a consultation to learn how you can track and manage operating and finance leases, perform complex calculations for right-of-use (ROU) asset and lease liability, and get advanced reporting capabilities.
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Questions? Contact us at 800.424.2938
Unlock the Power of Bloomberg Tax's Advantage Platform Workspace and Spreadsheet Apps
The Advantage platform from Bloomberg Tax gives you access to workflow applications designed to improve your daily productivity and ensure your calculations are up-to-date with the latest tax law changes. Complete the form to watch the webinar today.
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Please call us at 800.424.2938 if you have any questions. One of our Bloomberg Tax Technology sales specialists will be happy to assist you.