The CoStar Real Estate Manager team continues to deliver exceptional lease accounting, lease administration, portfolio, project and transaction management solutions to commercial real estate decision makers across the industry.
The team’s lease accounting software makes it easy for clients to comply with new Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) lease accounting standards, which take effect in December 2018. The new rules require practically all real estate, equipment and other leased assets to be added to balance sheets, representing one of the biggest accounting policy changes in history.
Specifically, the software analyzes and classifies leases for new lease accounting requirements, calculates percentage rent obligations, adjusts indexed rents and related taxes, processes rent and expense obligations, generates journal entries, runs financial reports, and integrates with corporate accounting systems, helping users make smart decisions while maintaining compliance.
In addition, the CoStar Real Estate Manager team recently published two thought-leading white papers on Data Consolidation and a 12 Step Lease Accounting Compliance Plan that have earned the team speaking opportunities and interviews with CEB/Gartner and Financial Executives International.
“The new accounting rules have created a huge demand for our lease accounting software,” said Kelly Clark, Director of Marketing for CoStar Real Estate Manager. “We want everyone at CoStar to ask real estate and accounting department contacts, ‘what are you doing about new lease accounting compliance?’ and recommend our proven solutions.”