Automated quantitative footnote disclosures

Automated quantitative footnote disclosures

The footnote disclosures are substantial in the new lease standard. LeaseCrunch helps auditors by providing them with many of the quantitative disclosures (FASB, GASB, and IFRS) needed to complete the footnote, reducing the time to develop the footnote. Examples include finance lease expense (amortization and interest), operating lease expense, weighted-average remaining lease term, weighted-average discount rate and maturity analysis.

Leasing wizards for classification and lease term

Leasing wizards for classification and lease term

Software wizards assist users when entering lease information. Wizards walk users through each step to evaluate the five criteria of lease classification as well as determining term length by capturing the subjective decisions about early termination and renewal options. Wizards can be configured to be required as part of the data entry workflow or as an optional feature available to users as a reference only when needed. The data collected by the wizards can be exported for the auditors' review.

All required formal policy elections are included

Simplified lease accounting policy election templates

Simplified policy election templates

LeaseCrunch reduces the time it takes to make policy elections down to minutes with lease accounting policy templates for FASB, GASB, and IFRS. A completed lease policy will facilitate a faster review by the auditors providing confidence in an accurate and complete implementation of the new lease standard.

The comprehensive policy template is designed to save users time and help kick-off implementation as a ready-made audit deliverable. Features include:

  • References to cited sections of the standard
  • Policy snippets
  • Simple checkboxes for required elections
  • Preselected elections based on expedience
  • Guidance on the advantages and disadvantages of policy elections to help clients through selections
Lease accounting software

Helpful tooltips and hints

Data entry errors can slow down the auditing process increasing the time it takes to complete an audit. To boost data accuracy, LeaseCrunch includes helpful tooltips throughout the application. Each tooltip includes professionally written summary and considerations for the relevant part of the standard. Plus each tooltip includes a reference to the original and authoritative section of the standard for further information.