Trimble Manhattan provides the Lease Accounting
Best Practice Tools for FASB/IASB Compliance
New lease accounting standards from the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), effective as of Jan 1, 2019, require companies’ to record operating leases as an obligation and debt on the balance sheet.
Additionally, depending on the method of adoption, public companies are required to provide side-by-side comparable data for the transition period when filing the financials in the year of adoption -- up to two years of historical reports for balance sheets, and up to three years of historical reports for income statements for FASB filers. The comparative periods requirements are one year less for IASB filers.
The latest version of Manhattan features FASB/IASB functionality to help organizations adopt new lease accounting best practices, including:
- New Lease Classification templates enable users to systematically classify leases
for FASB vs IASB and Lessor (Operating, Finance and Sales type leases) vs Lessee
(Finance and Operating).
- Ability to quantify Lease Asset and Liability to systematically calculate the NPV
of Lease Liability and Right of Use Asset.
- Systematically records the initial Lease Asset and Lease Obligation on separate
dedicated balance sheets of a sub-ledger to capitalize the Lease Asset and Liability
- Support for multiple dedicated sub-ledgers, concurrently, for current GAAP as well
as upcoming FASB and IASB during the transition period for retrospective reporting.
New Manhattan FASB/IASB Modules
Trimble have been thoughtful and deliberate in their development of the new Manhattan FASB/IASB modules. Although other software products may sound like adequate solutions, it is worth your time to compare what they are promising and what Trimble’s Manhattan solution will deliver with the further development of its existing embedded Sub-ledger to integrate with its FASB/IASB Lease Accounting Module.
What are the key benefits/differentiators of the Trimble Manhattan system
as compared to other software systems?
The biggest differentiator is the maturity and depth of the systems General Ledger which is a component of the Financial Module. We are able to process and record on multiple sub-ledgers including multiple currencies, ERP interface, etc. concurrently.
The other differentiator is Trimble’s approach to development known as the 90/10 QRRR approach meaning Manhattan will be able to Quantify, Record, Re-measure and Report lease activity 90% systematically and require 10% user intervention.
If you would like to learn more, we’re ready to answer your questions and demonstrate the power of our Manhattan solution.
To arrange a demonstration of our lease and FASB/IASB modules please fill in the contact form or call your regional office.
- Americas +1 800 850 2660
- Europe +44 20 7269 8500
- Australia +61 2 8059 6700
Contact us for a demo
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